Hertfordshire environmental waste consultancy eyes growth with £450k funding line

SoilEx, an environmental construction waste management specialist, has its sights set on expansion with the support of a £450k Invoice Finance facility from independent lender, Time Finance.

The funding stream is now supporting the Harpenden based consultancy to expand its provision of services to the construction industry, including soil and waste testing along with removal, and complex remediation services.

With a turnover that is doubling year-on-year, SoilEx will use the Invoice Finance funding to support ongoing new business opportunities, recruitment and equipment purchases while also maintaining fair payment practices for supply chain partners.

SoilEx was established in 2019 by Managing Director, Alex Collman, to address a gap in the sector for an integrated consultation and contracting service to boost sustainable and cost-effective construction.

Of the business’ Invoice Finance facility, Alex commented: “Invoice Finance has always been a valuable solution for SoilEx. Processing contaminated waste is expensive and when we launched, Invoice Finance aided cashflow for us to get off the ground. It has been a crucial part of our financial planning and growth since. We often need to mobilise large contracts quickly and we need capital to be able to facilitate delivery. Invoice Finance allows us to seize more opportunities and be less cautious.

“As with many industries, construction is known for late invoice payment; we often find ourselves being paid outside of our payment terms, but we are determined never to pass that practice on to our own suppliers. Invoice Finance makes prompt payment possible, and paying our suppliers on time has helped build our reputation and helped grow our client base.

“Having used another finance provider in the past, I moved to Time Finance because they spoke my language. Everything moved quickly and felt very straight forward. Knowing the funding is there for us to draw down whenever we need it gives me peace of mind.”

SoilEx is set to join Time Finance as part of its Invoice Finance Uncovered webinar at 10am on Wednesday October 8th, held in partnership with the British Business Bank as part of their  Business Finance Week campaign.