Funding requirements that needed a bespoke approach
When a long-established manufacturer is hit by a major cyber-attack, the operational impact is immediate – but the impact on working capital can last far longer. For Cats & Pipes Limited, delayed insurance payments and legacy borrowing created significant pressure at the exact moment their incumbent Invoice Finance provider became less supportive.
With a small number of repeat customers – including export debtors and high single-debtor exposure – this wasn’t a “standard” Invoice Finance ask. It needed a funder comfortable with complexity, able to support export funding, and willing to back a business in turnaround.
A specialist manufacturer with a global customer base
Cats & Pipes Limited is a UK-based engineering and manufacturing business specialising in catalytic converters, diesel particulate filters and emissions control components, distributing its products globally.
With over 25 years of proven industry success, Cats & Pipes has earned a strong reputation for capability and quality – including being recognised as the only aftermarket company in the UK able to assemble and build a complete catalytic converter.
Their customer base spans the UK and Europe and was built on long-standing relationships and repeat business – but with a relatively small number of debtors overall. That concentration can be a strength operationally, but it can also make funding more nuanced when lenders apply rigid rules around exposure and eligibility.
When turnaround meets time pressure
Historically profitable, Cats & Pipes faced a significant turning point in August 2023, when the business suffered a cyber-attack that erased their systems, including its two backups. The disruption had a direct effect on activity levels and customer retention, creating a challenging period of recovery.
Compounding this, the business interruption insurance payout took around 15 months to arrive, meaning Cats & Pipes needed to rely on additional borrowing simply to keep trading and retain their workforce.
At the same time, cashflow pressure increased further as their existing Invoice Finance provider became less supportive and asked the business to seek an alternative funding partner – effectively reducing available headroom when it was needed most.
“This was a business with real capability and a long trading history – but they needed a funding partner who could look beyond a difficult period and focus on what was viable. Our job was to build a facility that supported continued trading, without introducing restrictions that would choke recovery.”
Sarah Harrison | Regional Director, Ultimate Finance
Introducer Finance For Business UK Limited has been working with Ultimate Finance for 18 months and brought the opportunity forward with clarity on what the client required: strong funding levels, export debtor support, and a pragmatic view on debtor concentration.
“This wasn’t a deal that suited a tick-box lender. The business needed a funder who understood the reality of turnaround – and who could still move at pace while getting comfortable with export funding and concentration risk.”
Chris Rimmer | Introducer, Finance For Business UK Limited
The solution: A tailored Invoice Finance facility built for real-world trading
Ultimate Finance delivered a £450,000 Invoice Finance facility designed around Cats & Pipes’ debtor profile and trading needs – with a key differentiator from the incumbent lender: funding at a higher level, without restricting export debtors.
That included support for European invoices via inter-factoring, helping the business unlock working capital tied up in overseas payment cycles. Just as importantly, the facility accommodated high exposure to one particular debtor – a common scenario for specialist manufacturers with a small number of long-standing repeat customers.
Rather than forcing the business to reshape its sales ledger to fit an off-the-shelf model, Ultimate Finance tailored the approach to reflect how Cats & Pipes actually trades – and what it needed to keep moving.
“In deals like this, structure matters as much as speed. We looked carefully at debtor quality, trading relationships and export dynamics – then built a facility that matched that reality. Inter-factoring and concentrated ledgers can be completely fundable, as long as you take the time to understand the underlying story.”
Sarah Harrison | Regional Director, Ultimate Finance
From an introducer perspective, the process was designed to be collaborative and transparent – with a dedicated Regional Director involved from early conversations through to completion, and ongoing Relationship Management support once the facility was live.
“For introducers, confidence comes from knowing the lender will stay close to the detail – and communicate clearly as the deal progresses. Ultimate Finance were hands-on throughout, and that makes a huge difference when the client is under pressure and needs certainty.”
Chris Rimmer | Introducer, Finance For Business UK Limited
Stability now – and headroom for the next phase
With the new Invoice Finance facility in place, Cats & Pipes has been able to relieve immediate cashflow pressure and maintain trading continuity during a challenging recovery period.
The focus now is straightforward: continued trading and growth – supported by a funding structure that can flex with demand and accommodate the realities of their customer base, including exports.
“This facility gives the business room to breathe. The priority is keeping operations moving while they complete their wider recovery – and putting them in a stronger position to grow from there.”
Sarah Harrison | Regional Director, Ultimate Finance
Keeping business moving with Invoice Finance
If you have a client who needs to unlock cash tied up in invoices – including export funding, inter-factoring, or more complex debtor profiles – we’re here to help you deliver a solution that fits.
Find out more about Invoice Finance: www.ultimatefinance.co.uk/invoice-finance
Talk to our team: 0800 121 7757
Or, if you’re ready to start introducing deals, register as an introducer and work with a lender built around partnership.
