Goodman Corporate Finance, the business’ financial consultant, was brought in to help the client find an alternative Invoice Finance provider after the relationship with its Bank-owned funder deteriorated. After being introduced to Time Finance’s Invoice Finance team, the two funding partners successfully packaged and delivered the six-figure funding line, building in the necessary headroom for the client to continue taking on new contracts with confidence.
With the £2million funds in place, the new client has taken on a new contract for a major development in Central London and can continue to purchase materials and equipment required to co-ordinate site logistics, recruit temporary workers, and grow its pipeline of work.
Stefan Radymski of Goodman Corporate Finance, said: “We are delighted to have been able to support this business with Time Finance’s support. It was a complex case from the start, with strict timescales requiring a funder to really under the skin of this business’ challenges and package a solution that covers contractual debt alongside typical invoiced work. Time Finance were able to step up to be that reliable and solution-driven funding provider.
“The whole process was managed professionally and efficiently from day one. We’re glad to see the client with the right funding partner by their side.”
Invoice Finance can help SMEs drive their growth plans forward as well as support the everyday expenditure of running a business; including paying suppliers, HMRC, purchasing stock and materials, and paying employee wages. By releasing funds otherwise tied up in unpaid invoices, businesses are no longer held back by a lack of cashflow. With facilities ranging between £10,000 and £2.5million, Invoice Finance can help businesses of all sizes.
Simon Holian, Business Development Manager at Time Finance, said: “Despite its complexities, we recognised a real opportunity to support a strong business with solid financials and ambitious growth plans. The team at Goodman Corporate Finance have been brilliant to work alongside from the outset. Their transparency around the deal and the business’ requirements enabled us to get comfortable with the deal and put in place a funding package that would support this client’s current financial needs and allow for future growth. It was a fantastic team effort, and we look forward to working together to support more businesses.”
Time Finance 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, Loans, and Vehicle Finance, businesses can select the best option for them or combine those facilities through its recently established Asset Based Lending product.