Having been in business since 1946, a Lancashire custom paint and coatings manufacturer, was bought by an employee keen to maintain the long-standing tradition of quality and customer service which has allowed the firm to retain some customers for over 30 years, “We didn’t want an overdraft; we wanted the business to pay suppliers as it earned through sales. Following the purchase from the previous owners, the business needed an injection of working capital and invoice factoring provides this.”
Requiring a separation between the sales and credit control processes to bring professionalism and consistency to debt collection, SFP Brokers (trading as Touch Financial) stepped in to help the busy team solve their problems via invoice factoring to aid their customers and control their credit.
“If we did not use invoice factoring, we wouldn’t have a business. Having invested capital in buying the firm, we need working capital to keep paying suppliers and staff, while waiting for customers to settle their bills. Invoice factoring also takes the time-consuming credit control task off our hands.” expressed the business’ Managing Director.
Customer comment on Touch and the lender:
“I would recommend Touch Financial to other business owners looking for a way of borrowing money. They were extremely responsive and pursued potential lenders on our behalf until we were able to secure the right deal for our needs.” said the Managing Director.
Find out more about invoice factoring here.