CASE STUDY: Invoice Finance Helps Refrigeration Concepts Concentrate on Growth
Grimsby based Refrigeration Concepts Ltd. has been using invoice finance from small business invoice finance specialists Ashley Commercial Finance since it started up in 2001. During that period RCL has grown by word of mouth to a £300,000 turnover operation employing 10 people. Invoice finance has enabled the directors to manage their finances better and spend more time working on the business.
When RCL director, Pat Hargreaves asked her advisers about invoice finance, Ashley Commercial Finance was recommended as a provider. Pat investigated Ashley’s services alongside various offerings from high street banks. She concluded; “The banks were all too bureaucratic and didn’t really have the personal touch with customers. Ashley felt smaller, with a better service and queries were handled direct, rather than being passed from department to department.”
Four years later, Pat still thinks remains very happy with her decision. “Ashley saves days of work chasing for money. It is easier for them to recover money and they can tell me as soon as I pick up the phone what’s happening with our payments; what’s in and what’s waiting. I get a weekly update from our account manager too. We do the invoices, they load the invoices into the computer and take it from there. It is so much easier to control.”
Invoice finance is now being seen as a smarter option than an overdraft, particularly for fast growing businesses. As well as removing the hassle chasing debts, it brings in cash to the company sooner than waiting for standard credit terms, as the majority of the invoice value is available for use by the company as soon as the invoice is processed. When the debt is collected, the company receives the balance of the invoice value, less charges.
Pat Hargreaves at RCL recommends invoice finance to start up businesses who are looking to grow. She concludes; “We’ve recommended Ashley to quite a few successful businesses over the years.”
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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, 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
Refrigeration Concepts Ltd. Contact:
Pat Hargreaves, Director
Email: res-rcl@btconnect.com
Humber Street, Grimsby, Lincolnshire DN31 3HL
Classification: Refrigeration, Electrical, Air Conditioning and Cryogenic Contractors.
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