30th September 2020
When a traditional lender decided it could no longer bridge a funding gap for a successful glass manufacturer Reach Commercial Finance stepped in with a £350,000 invoice finance facility which has saved the business and protected 7 jobs in the area.
The company is a family owned operation which has been trading for over 20 years. In that time it has built up a strong reputation for glass design, manufacture and install in both domestic and commercial markets.
Its services include giving advice on the type of glass needed for specific applications, sharing knowledge around building regulations, health and safety and energy efficiency requirements. It prided itself on fast turnaround of orders and an efficient, honest delivery and fit experience to ensure all customers were properly looked after.
Unfortunately after a couple of large customers went out of business the company was left with a significant cash shortfall, which is when Reach got involved.
Finance specialist Robin Goddard and his team immediately set about searching for a new lending partner who was prepared to take a risk on a solid business with a proven track record facing difficult challenges.
Leading invoice financiers Gener8, based in Didcot, were chosen to support ongoing trading at the firm to the relief of all concerned.
One of the directors commented: “We have been looking after customers for over two decades and this the first time we have faced such an issue. Reach quickly got a grip on our situation and made some excellent recommendations, not only sourcing a new funding partner for us but keeping our exiting funder in the loop with skill, integrity and professionalism.
“We have a great platform now not just to continue the business but start to push on with an exciting future.”
Robin Goddard commented: “We worked closely with the business owner to evaluate the business, examine its viability and put a compelling proposal to a range of potential funders, agreeing a deal with Gener8 in the end because they showed an excellent understanding of the risks and challenges and were not about to run from either.”
Reach Commercial Finance is an independent financial brokerage with a wide range of experience in helping limited companies and corporate entities secure funding. It is part of Leonard Curtis Business Solutions Group.