Industry: Services
Product: Invoice discounting
Facility size: £1m
The client
Established in 2022, this Irish facilities management (FM) business offers tailored solutions for their clients, primarily to universities, including:
- Window cleaning
- Accommodation
- Upholstery
- Painting and decorating services.
They have invested in technology – specifically an app - so their contractors and end clients can manage jobs and view progress, providing quick and clear oversight for ongoing work. This has led to a raising of standards and improved engagement.
The opportunity
Working with academic institutions means the business experiences quieter times during term times when the accommodation is full, and busy periods during holidays and summer months when site maintenance is required.
The firm use invoice finance to manage cash flow effectively during fluctuations brought about by seasonal demand. Using this type of funding supports steady working capital year-round by releasing up to 90% of the value of unpaid invoices.
Having experienced several years of growth, the company aims to expand into other student accommodation sites.
They needed an invoice finance facility that would grow alongside the business, which was not possible with their incumbent provider.
The solution
Close Brothers has provided a £1 million invoice discounting facility, providing the essential working capital to manage cash flow efficiently.
A tailored solution increasing the funding in line with their growing turnover allows a focus on growth objectives without worrying about the availability of working capital.
The outcome
This increase in liquidity has allowed them to expand their client base. With the additional funds, the company has invested in marketing and business development activities to attract new clients.
The firm can invest confidently with the added financial stability that greater headroom provides.
