€3m provided for security firm via invoice finance

€3m provided for security firm via invoice finance

Summary

Securway At Risk Security Group Ltd is one of Ireland’s oldest and largest security services providers. With a workforce of over 500 employees, they provide security and related services to a wide range of customers. The company offers a nationwide service across multiple industry sectors through offices in Dublin and Cork.

Business challenge

The company had a factoring facility with another provider that required extensive operational time to run on a daily basis. An alternative was required to not only reduce the amount of administration time for the business, but to also provide financial flexibility to bid for larger contracts with potential new customers.

Solution

Close Brothers Commercial Finance initially provided a €2.25 million confidential invoice discounting facility using the IDeal™ platform.  The benefits were clear as it aimed to dramatically reduce the time their finance team spent on administration. This product also handed back responsibility for their own credit control and cost the company 50% less than their previous factoring arrangement.

Result

In the first 12 months of using our invoice discounting system, IDeal™, the company’s turnover grew by 33% and their funding facility increased to €2.8 million. The ability to manage their own credit control meant that debtor days reduced, whilst cash flow improved by 20%.

The service also supported their forecasted sales strategy and since the relationship with Close Brothers began, the funding limit has grown to more than €3m. In addition, we have since set up a finance agreement for their sister company, A Brilliant Cleaning Service Ltd.

Des Connolly, Finance Director, said: “Moving to Close Brothers was like a breath of fresh air. They are 50% cheaper than our previous provider, twice as accommodating and they understand the fundamentals of our business. The flexible nature of the product, combined with the increase in funding, has given us more confidence and enabled us to grow our business by more than 40%.”

To find out how we can help, call today on: 01 871 1060