“For the first time our growth had overtaken our cashflow”
Everything was going well for Wilwright, an electrical contractor specialising in off-site constructions and carparks. They had a full order book; some big customers and turnover had nearly doubled in two years – all without a loan or an overdraft. But then its problems began…
“We knew we had the potential to grow even more, but for the first time our growth had overtaken our cashflow. We had more work coming in than we could cope with and we needed a way to expand quickly or be forced to turn work down.”
“The bank wouldn’t help”
The bank wasn’t willing to help, offering only a small fraction of the amount that Wilwright needed to cover their plans for growth.
“Our contact at the bank said that they were actively trying to get out of the SME lending market and the sum of money that was offered was nowhere near what we needed,” says Mike.
It was time to consider other finance options, but Mike found that most lenders did not understand their industry.
Only when Mike contacted Ultimate Finance did he find someone who he believed had the knowledge to help. “It quickly became clear that we were talking the same language and that they had the products that we needed.”
The Ultimate stress relief
Ultimate Finance gave Wilwright access to funds that enabled the business to fulfil all its orders and take on even more. It now has turnover of around £11m, more than double the amount it had been doing before looking for finance.
Relationship Manager Melanie Howarth is Mike’s constant contact. “I’m so pleased that we’ve been able to give Wilwright the support it needed. It’s a great business run by great people and we look forward to helping them more over the next few years including their move to new premises.”
And Mike’s pretty chuffed.