CASE STUDY: Invoice Finance Frees Up Cash for Exhibition Graphics Ltd.
Basingstoke based Exhibition Graphics. turned to small business invoice finance specialists Ashley Commercial Finance to help them recover cash owed to them in overdue, unpaid invoices. In a short period of time, just three weeks, Ashley Commercial Finance was able to put Exhibition Graphics’ accounts in order and cash flow back on track, recovering a lot of old debt.
Exhibition Graphics has grown quickly in five years from start up to a £600,000 turnover business employing nine people. Exhibition Graphics expanded into new premises 3 years ago and are on target to move again for more space next year. As the company has grown, so too has the pressure on cash flow.
Director, Russell Lee takes up the story; “We were aware of invoice finance and how it could help us. Many of our suppliers seem to factor their invoices but those factoring companies never really chase us for payment or sort out our invoices successfully. We just get a monthly statement. What we needed was a proactive company who could offer the same services, but do it better. We spoke to our existing bank and two other companies about how they could help. Ashley Commercial Finance had been recommended to us and seemed the best. We had more confidence in them being able to collect our debts.”
So how did it go? Russell Lee; “They were brilliant. We are so busy we had no time to collect our debts. Ashley took care of everything. They took the debtors list and resolved the issues, getting in a lot of old debt. In a short space of time, three weeks, they had put the priority on getting in cash and then actually made it happen.”
Invoice finance is now being seen as a smarter option than an overdraft. As well as removing the hassle of chasing debts, it brings in cash to the company sooner than waiting for standard credit terms. Ashley also helps with credit rating checks and in allowing what is called selective invoicing.
How does it work? Russell Lee; “We raise invoices either weekly or monthly and send them to Ashley who send them out to our customers for us. We have our own account manager who rings us regularly to let us know about progress and there is also the online facility for us to track our account. The day after we’ve invoiced we have 75% of the invoice value available for us, with the rest, less the fees, when the invoice is paid by the customer. The fees are cheaper than employing someone to chase the invoices, no-one has managed to do that here for a long time.” He adds; “Ashley go one step further in this respect than the other invoice finance companies.”
For Exhibition Graphics image is all and as Russell Lee says; “Anything that makes us look more professional has to be worth it. Cash is king. We are managing our finances better with Ashley’s help.”
Ends – 492 words
Exhibition Graphics Ltd. is a visual communications specialist offering a fully managed graphics and design service for clients ranging from start ups to blue chip organisations such as …..More information at www.exhibition-graphics.com/test.html
Ashley Commercial Finance is a truly independent invoice factoring company, with no ties to banks or other financial institutions. Ashley provides invoice finance for the smaller business (including start ups and turnarounds) across England and Wales. Ashley has offices in Manchester, London, Leeds and Bristol. The company has almost 200 clients with turnovers between £50,000 and £1.5 million. They range from printers to road haulage companies, recruitment agencies to taxi firms, recycling companies to IT organisations.
Ashley provides ongoing finance for a business at up to 90% of the value of a client’s sales ledger, which, coupled with professional credit control makes invoice finance an attractive option for a growing business and a smarter alternative to an overdraft. As the facility is based on a percentage of turnover, the funding available grows with the business. Ashley’s independence and lack of bureaucracy means that funding can be in place for new clients to draw down within 24 hours of receiving sales invoices and at the lowest minimum fee. Full Online Account Access enables clients to obtain account information 24 hours a day.
Unlike many other invoice finance companies, Ashley allows clients to choose which accounts they factor, thus avoiding paying unnecessary factoring fees.
In response to client demand, Ashley launched an asset finance facility in June 2005. This is available for anything from computers, telephone systems and office equipment, through to company vehicles, yellow plant and machinery.
There is a great ‘step by step guide’ to invoice finance and more information about the company, which this year celebrates 10 years in business, at www.ashleyfinance.co.uk
Ashley Commercial Finance is a patron of the National Association of Commercial Finance Brokers (NACFB).
Photos (300dpi plus) and further press information available (including press packs) at Marketing Projects’ web site in the press office for Ashley Commercial Finance at http://www.marketingprojects.co.uk/admin/clients/ashley-commercial-finance/articles/how-to-save-money-and-get-paid-wind-rain-or-shine-2/edit
Press Contact: Jane Harrad-Roberts Consultant Director, Marketing Projects Email: jane@marketingprojects.co.uk Mobile: +44 7785 395705 Tel: +44 1244 330000 Press hotline: +44 1244 330101
Exhibition Graphics Ltd. Contact: Russell Lee, Director Tel: 01256 398877 Email: russell@exhibition-graphics.com Web site: www.exhibition-graphics.com Units 17-18, The Calvert Centre, Woodmancott, Hampshire, SO21 3BN
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