December continued to be busy with a number of new clients joining us across a range of markets and varying in the size and nature of the facilities. Below are some examples of the more interesting deals:

Market Sector:     Food wholesale
Sales turnover:    £2m
Funding Line:       £250,000
Location:             Midlands

Requirement:   Provide working capital funds for business growth.

We have recently provided finance facilities for an iconic brand franchising Cornish pasty office delivery services.  The company wanted to expand into distribution of its product to major food wholesalers such as 3663 and Brake Bros.  We were in fierce competition but won the deal on a combination of service and flexibility.   The deal needed tweaking in terms of spread clauses, minimum fees and guarantees.  We also provided a very competitive bad debt protection package.  

Market Sector:      Field Sales
Sales turnover:     £12m
Funding Line:        £500,000
Location:              Thames Valley

Requirement:   Provide facility for projected working capital requirements.

We were introduced to this growing business providing temporary field sales personnel to some very high profile companies.

Although the receivable security was not straightforward (their bank Invoice Financier could not provide a suitable facility) we put together a very flexible facility that gave them the funds when they needed them with a very competitive pricing structure.

We provided a confidential facility that was not draw until four months from commencement, as the client required surety of funding going forward.  Rather than charge them a full fee we charged a nominal monthly fee for the period where the facility was undrawn.

Market Sector:     Recruitment – IT Sector
Sales turnover:   £3m
Funding Line:       £200,000
Location:            Yorkshire

Requirement:   Provide working capital for growth.  Highly concentrated sales ledger.

We were asked to assist a recently established but fast growing temporary recruitment company.   The challenge was that they only had two customers and one was 80% of the sales ledger.  In view of our specialist knowledge of the industry we provided a facility with no restrictions on concentration and gave the client their maximum funding availability.