£75k saves the day for importer
A small import business which had won a deal to supply a big discount chain is celebrating after Ashley stepped in to prevent the deal falling through.
The North West firm had agreed to supply a range of car cleaning products, but the deal was in jeopardy when the company’s director was unable to raise the £45,000 to pay the manufacturer in Belgium. The bank was unable to provide finance within the timescale.
With just five days to go, an introducer referred the client to Ashley which stepped in and paid the Belgian company directly and also set up an invoice finance facility, so the importer no longer has to wait 30-60 days for customer payment and has the added benefit of sales ledger management and credit control. With an overall funding line of £75,000, the director can choose how he wants to use the facility – whatever is not used to pay the supplier can be drawn down as invoice finance.
Jeffrey Burton of Ashley Business Finance said: “Other lenders may have declined this case as the deal is dependent on just one customer, and having an overseas supplier creates an additional element of risk. At Ashley we assess each case on its merits and tailor our offering to meet the needs of individual customers. Not only were we able to save the deal but also to offer the importer the flexibility he requires.”