Time Finance are delighted to announce they have supported a mechanical and electrical engineering firm, Scorpion ES, with a £200,000 Invoice Finance facility to help spark future growth plans.
Incorporated in 2010, Scorpion ES set out to provide mechanical and electrical services to the construction sector. As the business evolved over time, it achieved exponential growth and moved into other areas of work including rail infrastructure, facilities maintenance and civil construction services. Having invested in a new management team to drive its continued growth strategy forward, the business went from strength to strength, and secured large contracts with Tier 1 National Rail companies.
Like many businesses, however, Scorpion found themselves held back by the pandemic. The enforced social distancing restrictions meant that the number of workers attending each site was limited and as a result, projects experienced significant delays. Richard Clatworthy, Managing Director at Scorpion ES, recognised that access to funding during this time was essential to maintain cashflow to support operational expenses and turned to their financial advisor, Cornerstone Commercial Finance for advice. Having understood their situation, Cornerstone Commercial Finance recommended Time Finance.
Janice Quick, Business Development Manager at Time Finance, said: “We have seen so many businesses affected by the challenges of the last year and we have remained committed throughout that time to supporting businesses to get them through and back on track. It’s been a pleasure to support Richard and the team. We took the time to understand the business and tailor a funding facility that would tackle the immediate cashflow issues caused by the pandemic but be flexible enough to match their future growth ambitions moving forward.”
Richard Clatworthy comments: “Determined to come out of the pandemic stronger, we set out on a large-scale investment drive to bring new talent into our firm and to take on new contracts with confidence. The funding solution from Time Finance has been instrumental in helping us to bring these goals to life. We know that we can now look optimistically towards the future with an understanding and flexible funding partner by our side.”
Time Finance specialise in the provision or arrangement of funding solutions to UK businesses seeking to access the finance they need to realise their growth plans. With an extensive portfolio comprising: Asset Finance, Invoice Finance, Loans and Vehicle Finance on offer, businesses have the flexibility to choose the best option for them or to choose more than one solution dependent on requirement.
As Matt Godfrey, Senior Commercial Manager at Cornerstone Commercial Finance, concludes: “Scorpion ES was a fantastic client to work with. Once I had spoken with Richard to understand his business, I knew that Time Finance would be the perfect funder. I have partnered with them for several of my clients and they have always delivered exceptional service, so I knew Richard’s business was in safe hands.”
Scorpion ES are now in a confident position to see their business continue to go from strength to strength.