We know that one of the main stresses for businesses comes from cash flow. Without cash, there’s no business, so it’s all about making sure there’s never too much strain on your available funds.
We recently worked with a haulier in the Northeast of England looking to take the pressure off their weekly driver and daily fuel payments.
The Challenge
As is common with haulage companies, there was an obvious gap between the time it took for their invoices to be paid and the timeframe they needed to pay their drivers.
It had got to the stage where the haulier was experiencing sleepless nights in the run up to payday, so we know we needed to help them.
The customers average payment time was up to 45 days after invoicing, so we started to look at Invoice Finance options.
The Solution
The company had a healthy turnover of approximately £500,000 per annum. Moorgate started to research the market and present some quotes to the client from varying lenders and offers. After walking through the options together, we were able to secure a £75,000 revolving funding line with a 90% drawdown on invoice value.
Having checked back in with our customer, they advised Moorgate that the pressure on their cashflow has drastically reduced. And as an added bonus, those sleepless nights are now a thing of the past.
The whole process took us just 4 weeks from the initial enquiry to the client being able to make their first drawdown for the facility.
If you’re experiencing undue cash flow pressure and want to find a solution, speak to Moorgate Finance on 01908 92 62 62 or head to the ‘Apply Now’ section of our website.