Getting off the ground with the right funding combination
When launching his new business, Jason Clark, the Managing Director of RJ Clark Engineering Limited, recognised the importance of having the right funding in place to support his plans.
The business, which designs and manufactures tooling for the foundry industry, needed the right machinery to get started. With his previous experience in the sector, Mr Clark also knew the value of invoice factoring and how it could support cash flow as the business establishes itself.
By discussing and understanding the business’s requirements, Hilton-Baird Financial Solutions were able to help our client secure not only a factoring facility, to keep cash flowing as they grow, but also an asset finance facility, which has allowed them to purchase a required piece of machinery.
A new opportunity
In 2019, Mr Clark suffered a blow when his previous employer pulled out of an MBO he had been due to complete, and the business subsequently entered administration.
Turning the door that closed into a positive opportunity, he was able to launch his own business this year and, with established contacts in his industry, is already up and running with orders and letters of intent.
To help the business purchase its all-important equipment from auctions and begin to service their new contracts, Hilton-Baird introduced suitable asset finance providers, and Mr Clark opted for the funder which offered lower rental charges for the first three months while they established themselves.
Our team also used its knowledge of the market to introduce invoice factoring companies who could release funding against the value of outstanding invoices, whilst complementing the asset finance facility. Mr Clark chose the funder he felt had the best understanding of their sector and a local presence.
Going forward our client has plans to grow their customer base, and the new factoring facility in particular will offer them support and underpin their growth as these facilities grow in line with business turnover.
Mr Clark said: “I was really pleased with the service from Hilton-Baird in helping me find the right funding combination for our needs. Given the pandemic I wasn’t sure if the right funding would be available, but Hilton-Baird showed that they know the market inside out and introduced the right options. I’m confident that my facilities will support the business as we continue to establish ourselves in our sector.”
If you are looking for funding to support one or multiple needs, our team is happy to help. Give us a call on 0800 9774833 or request a call back.
