Building Repair Solutions provides reactive insurance repairs and restoration works to residential properties on behalf of claims management companies. Incorporated in 2006, the business has successfully built a good reputation for itself thanks to the management of Director Robert Fraser. Having previously held an Invoice Finance facility through a high street bank, they refinanced with a challenger bank at the beginning of 2022, however the new relationship quickly deteriorated due to a lack of flexibility and an insufficient funding line. Knowing they needed a new funding partner, they reached out to industry broker Mark Barrie at Azets to help them find the right lender for their business.
Robert explains, “We have plans to grow organically in 2023, and we are looking to expand into other parts of the country by opening two new offices, and so we needed to work with a lender that can provide access to the working capital we need, but also that we can trust to be a good partner and that is flexible enough to help us unlock further growth”.
Mark introduced Robert to Ultimate Finance’s Regional Director Chris Mitcham who took the time to understand the business, its ambitions and challenges, and the type of funding it needed to meet its goals. Chris says, “Robert already has experience of using Invoice Finance and knew exactly what he needed from a funding partner to unlock the full growth potential of his business. Having taken the time to understand the pain points with his existing facility, it was clear that what was needed was a greater funding line to allow for all the flexibility required to help keep the business moving”.
Chris tailored a £1m facility that allows for additional cash tied up in unpaid invoices to be accessed, with the facility including the funding of top debtors, which the previous provider had capped, resulting in an adverse impact on the day-to-day cashflow. Chris adds, “A lot of lenders have their hands tied by inflexible risk matrixes that tend to overlook all of the elements it takes for a business to succeed. In this instance, I was able to work with our underwriting team to offer a flexible and tailored approach based on a holistic view of the business and directors, and most importantly, provide our client with enough funding potential to meet his ambitions”.
Thanks to the proactiveness and flexibility demonstrated by Chris and the team at Ultimate Finance, Robert now has access to the working capital he needs to focus on sustained growth in 2023. Robert concludes, “The teamwork that Mark and Chris were capable of means that we now have an Invoice Finance facility that is fully fit for purpose. Ultimate Finance showed that they were great at listening to my needs and they provided a solutions tailor-made for my business, which I look forward to see growing alongside my business’ successes”.
Find out more about our range of Working Capital funding solutions and how they help keep businesses moving.
