Ashley save engineering company from the brink of closure In 4 days!
A Midlands based engineering company is placed into liquidation.
A director called Ashley Business Finance requesting a facility for the successor company, having acquired the assets from the liquidator. The business desperately needed a quick turnaround in order to prevent permanent closure and pay their wage bill of £8,000 due on 27th September.
A member of the Ashley team visited the business premises at 10:30am. The business required immediate cash flow assistance as they often had to wait 30-60 days for their customers to pay their outstanding invoices. After a discussion, all parties agreed that the best solution would be a full Invoice Finance facility in order to generate immediate cash from their invoices plus an additional £10k loan to ensure the impending staff wages would be paid on time.
26th September :
Application & Approval
The application form and the supporting documents were urgently passed to Ashley’s underwriters and the case was approved in a matter of hours.
Ashley provided the client with a full Invoice Finance facility with a £50k funding limit (which automatically increases in accordance with turnover) and a £10k upfront loan to pay wages – repayable through the on going Invoice Finance facility. They were assigned a Client Manager providing a full Credit Control service and to support them throughout their time with Ashley.
Needless to say the client was relieved at the quick turnaround:
“We have received the money and paid our boys so a massive thank you for your efforts and professionalism and I look forward to working with you in the future. You have been brilliant and please pass our gratitude on to your staff.”