A potential client was referred to us by an existing Churchbridge customer. Their turnover was just over 300,000 but due to winning some projects with 3 large blue chip clients they were expecting this to increase dramatically over the next 12 months to 3,000,000.
Some of their work was providing marketing material and also marketing staff so they incurred a lot of upfront costs but were having to wait 30 days for payment of their invoices which they could only issue upon completion of a month long project so they incurred costs long before the invoice was even issued.
They faced many problems when trying to find a factor including wariness of their large projected increase of business, concentration levels of the debtors and potential future seasonal peaks in their business.
Churchbridge looked at the business from our usual common sense approach and were able to offer a 250,000 facility on a non-recourse basis with a 90% advance of funds. The client was able to continue to look after their existing debtors while Churchbridge factored their 3 large new clients where they couldn’t fund the work themselves.
The client considered a number of offers and decided upon Churchbridge as we could give them the flexibility they required as their business grew and changed over the next year. They were impressed by Churchbridge’s personal service and propensity to get things done.