Invoice finance helps transport firm with improved cash flow

Invoice finance helps transport firm with improved cash flow

 

Summary

Motis Ireland Ltd is one of the most progressive shipping companies in Europe with over 1,000 customers across the continent.

Based in Newry, their network covers more than 500 freight ferry routes and is open for business 24 hours a day, seven days a week. From a standing start in 2002 with only five employees, the company has enjoyed significant growth during the last number of years and now employs more than 40 people.

Challenge

As the business continued to expand rapidly, Motis felt increasing strain on their day-to-day cash flow. The organisation had an existing invoice finance arrangement in place with another provider, however this was no longer able to provide suitable levels of funding to support business objectives.

Solution

Motis approached Close Brothers Commercial Finance to discuss the products and services that were available. The local team took the time to understand the particular complexities of the European wide shipping and transportation industry before designing a tailored solution that really worked for the business from the outset. An invoice discounting arrangement was secured, using the IDeal™ platform, increasing their levels of funding by 10%.

Result

The bespoke package greatly improved Motis’ working capital, which gave the company the necessary resources, both in terms of people and finances, to maintain business momentum and fulfil their objectives.

David McComb, Managing Director of Motis Ireland Ltd said: “The key factor for us in deciding to go with Close Brothers is that we simply required a bespoke, uncomplicated funding package built around our sales ledger, and they were able to deliver on this. The IDeal™ system means that we now have instant access to cash, we don’t have to worry about month-end reconciliations and we can get on with the day-to-day running of our business without worrying about our cash flow.”

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