The director had previously run a multimillion pound ground working Company. Due to the collapse in public sector contracts work dried up and the business was liquidated in 2008.
The problem: In 2011 the Director started up again and quickly found that they were turning away work as they could not fund the growth through traditional banking facilities.
The solution: Before presenting the case to the market we established the background to the failed company and then sought to understand the nature of the business and the cash which could be generated from a factoring facility.
After a couple of weeks we were able to place the business with a specialist factoring Company who have provided a recourse facility which allows this business to take on new contracts and employ more people. Due to the difficulty of the debt, the factors verification procedures were fundamental to providing a solution.
Experience and knowledge of all the background and current issues enabled us to select a factor who could genuinely deliver a facility when all other avenues had been closed. The value of the transaction came to £100,000.