We are delighted to announce that we have recently provided invoice finance for a logistics company based in London. The company was established in October 2022 by a former table tennis champion, who has also launched his own sports clothing brand and coaching business.
The founder has an impressive and inspiring background, as he was a troubled teenager who moved into the world of table tennis and achieved remarkable success. He became the Youth Olympic Champion and got a silver medal in the Commonwealth Games. He also ranked number 3 in the UK in table tennis. In 2016, he launched his own sports clothing brand, and in 2012, he launched his own coaching business.
The Challenge
Before starting his current logistics company, our client ran another business, which went into liquidation in July 2022. He has said the reason for this was he took on too much too quickly, having an operating licence for 3 vehicles which he struggled to find constant work for. He eventually returned 2 vehicles to the hire company but was left with a large bill he couldn’t afford to pay, which led to a wind-up on the company.
Despite this setback, our client did not give up on his entrepreneurial ambitions and started a new logistics company in October 2022. His company has a fleet of 10 smaller vans and offers daily route deliveries to a fixed schedule for a major customer. The company has been growing steadily and has a current turnover of £15k- £20k a week.
However, the company faced cash flow challenges due to the extension of payment terms from 7-14 days to 30 days by their customer. They also needed additional funding to take on more routes and cover their wages, suppliers, and vehicle costs. Our client approached us through an introducer, as he was looking for a flexible and fast invoice finance solution.
The Solution
We were able to offer our client a flexible invoice finance facility that allows him to access up to 85% of the value of his invoices within 24 hours, without waiting for his customer to pay. This will help him to manage his cash flow, grow his business, and take advantage of new opportunities. We were impressed by our client’s resilience and determination, and we were happy to support him and his team.
The Outcome
With our invoice finance facility, our client can now focus on running and expanding his logistics business, without worrying about cash flow gaps or late payments. He can also use the funds to pay his staff, suppliers, and vehicle expenses on time, and to take on more routes and customers. Our client is very satisfied with our service and the flexibility we offer.
We are pleased to support this ambitious and resilient entrepreneur, who has overcome many challenges in his life and career. We look forward to building a long-term relationship with him and his team and providing them with the financial solutions they need to succeed.
