When IT Value Added Distributor, Sol Distribution Ltd was introduced to Ultimate Finance back in 2017, the business had just gone through an important restructuration and needed a new funding partner to help them keep moving and meet their growth ambitions.
Director Graeme Sutton had a clear vision of what it would take to get the business back on its feet and the company served notice to their existing non-bank lender who had failed to meet their expectations. The team at Ultimate Finance met with Graeme and his team and took the time to fully understand the business, its history, and its ambitions for the future so that we could tailor a funding solution that would be right for them now, with the ability to grow alongside the company.
Keeping business moving with Invoice Finance
With an initial £200,000 Invoice Finance facility in place and dedicated Relationship Manager Dec Peers looking after the business, they had everything they needed to meet their short-term plans: increase profit, take on new business and start thinking of ways to diversify their trade to accelerate growth. Invoice Finance allows for longer term funding than a traditional loan or overdraft. When asked about the difference the facility has made for the business, Graeme explains, “Thanks to Ultimate Finance and Dec’s direct support we now trade in three currencies.”
In the last couple of years, the business, as many others, felt the effect of the pandemic and saw projects having to be delayed in 2020 which had a huge financial impact upon the business. Graeme continues, “Dec was on hand to assist, and we managed to utilise our limit whenever we required it to help keep us moving forward. When customers had repaid, and our facility was in credit, Dec was also second to none in releasing funds to make sure we had access to the cashflow we needed”.
Relationship Manager Dec adds, “As Relationship Managers we see our roles as much more than providing access to the cashflow a business needs – we become an integral part of our client’s team and their success becomes ours too. The last two years were one of the toughest challenges most of our clients have had to face, and to be able to support them through it all with the service we provide has meant a lot to us. Seeing Sol Distribution Ltd grow despite the direct effect of the pandemic has been more than gratifying”.
Looking to the future: unlocking growth with the right funding
After the challenges of last year, 2021 proved to be a very busy year for the business and the flexibility that comes with an Ultimate Finance solution proved vital as Dec explains: “Some of the projects Sol Distribution Ltd took on this year were on the larger size and because our facilities are designed to grow with your business we were able to increase their limit to support the operational side of the business”.
With a tailored solution that adapts to new ambitions and challenges, Graeme shares a confident vision for 2022: “The business is growing every day because technology is always evolving. We have some large projects due to start next year and they’ll take the business to new heights, which is very exciting. Without the support from Dec and the team at Ultimate Finance our growth would be hampered, and we wouldn’t be able to take on as many new projects. I couldn’t fault their business model or their work ethic – they’re always there when we need them and a pleasure to work with at all times”.
Invoice Finance is part of our range of funding solutions specifically designed to help meet Working Capital requirements, alongside sector specialisms Construction Finance, Recruitment Finance and Trade Finance. Find out more about how our range of Working Capital solutions help keep business moving today.