Haulage company puts growth plans into gear with £250k funding support
Time Finance and Evolve Business Finance are pleased to announce they have facilitated a six-figure funding boost for a family-run haulage business.
The business, a North East based haulage company, had plans to increase its fleet of vehicles by 40% in order to service new contracts with an existing customer. Its incumbent funder was unwilling to provide the additional funding support required to take on the new contract with confidence alongside managing weekly fuel and wage expenses.
Time Finance and Evolve Business Finance stepped in to package a £250,000 Invoice Finance facility. As an immediate cash injection, the business had the financial headroom needed to keep up with regular outgoings and invest in the new vehicles they needed to drive their business forward.
Tariq Bourdouane, Business Development Manager, at Time Finance, said: “When it comes to investing for their future, businesses need to feel confident that they have a committed and flexible funder by their side. Our team at Time Finance can be just that. Working with Stefan, we were able to turn the deal around quickly, replacing the incumbent funder and providing our client with the working capital needed to accelerate their growth plans forward.”
Invoice Finance can relieve the pressure on cashflow and give businesses the freedom to grow. By releasing up to 90% of the value of unpaid invoices, businesses can access additional working capital and use the funds to support day-to-day cashflow requirements or fuel investment plans.
Stefan, Director at Evolve Business Finance, said: “It was fantastic to work with Time Finance on this deal. After our client had been let down by its existing funder, we needed to work together quickly to package a new facility that would support the business’ immediate cash requirements and future growth plans."
Time Finance supports more than 10,000 UK businesses every year with flexible and supportive funding solutions. The alternative finance provider specialises in the provision of funding solutions to UK businesses seeking to access the finance they need to realise their growth plans, with a diverse portfolio that includes Asset Finance, Invoice Finance, Business Loans, and its recently established Asset Based Lending solution.