Founded in 2012, this drink wholesaler business was born out of the desire to redefine what it means to be a distributor in a market that was showing signs of stalling. Since then, the company has been working with spirit brands to help them build awareness and source lucrative distribution deals with venues in London, key to national success in the industry. With the UK the second biggest market in the world for spirit drinks behind the USA and therefore a foothold into world markets, the business has already played a major role in the international awareness and stocking of several brands.
To help get the business off the ground with the best foot forward, the directors decided early on to use an Invoice Finance facility provided by a high street bank. When the bank pulled out of the agreement earlier this year due to their strict processes, the business turned to Ultimate Finance to help them keep moving.
Regional Director Matthew Speed explains, “The business was aware of the great benefits of an Invoice Facility on their journey to becoming an impressive £14m per year turnover company, and so when the bank pulled the rug from under them all of a sudden they were immediately working against the clock to have a new facility in place to prevent any major cashflow disruptions”.
Due to a recent change in the structure of the business, the existing funding line was ended prematurely, meaning the team had to find a new funding partner swiftly.
Matthew continues, “Because due diligence processes are so strict, many lenders have decided to rely on automated procedures that have been built to make quicker decisions, but unfortunately that often means that important details are missed and funding can be harder to obtain”.
“At Ultimate Finance we believe in using technology to empower our people rather than replace their work, because machines are not usually capable of providing the all-important human thinking required to make balanced decisions. Our expert teams handled the Enhanced Due Diligence and Anti-Money Laundering processes efficiently and took the time it needed to be satisfied with their findings so that we could be reassured that we were meeting our commitment to doing business responsibly”.
With all the details confirmed, Ultimate Finance was able to tailor a £2m Invoice Finance facility to help keep the business moving.
Matthew concludes, “I am delighted that we were able to take the time and effort necessary to fully understand the structure and ambitions of the business and to have become its new funding partner of choice”.