Putting your business first
Minerva Nursing is a specialist recruitment agency that provides nursing staff to the NHS, HM Prisons, private hospitals and nursing homes, and has 25 years’ experience within the healthcare sector. However, they were unhappy with the level of service from their funding provider, which was starting to take its toll.
Knowing these issues could not go on any longer without affecting the success of his business, Managing Director Lee Barnes recognised the time to change finance facility, and was keen to find the best possible arrangement for the future of the company.
Despite their dissatisfaction with their funder, the invoice factoring facility they were using, which releases up to 90% of the value of invoices within 24 hours of issue, was proving successful, as the improved cash flow provided by the facility enabled the business to take on further contracts and continue to deliver quality service without the burden of lengthy payment terms.
Knowing the importance of finding a similar facility from a more suitable provider, Mr Barnes approached Hilton-Baird for our impartial, experienced and trusted financial assistance.
After conducting an in-depth assessment of our client’s needs, our knowledge of the invoice finance market enabled us to speedily introduce them to three carefully chosen invoice factoring providers with excellent levels of service.
Minerva Nursing proceeded to accept an invoice factoring facility worth £600,000 from one of the funders introduced, chosen on reliability, perceived level of service and cost. The funder was also able to offer our client a comprehensive and dependable sales ledger management service, ensuring the business could retain consistent cash flow and protection from the consequences of late payment.
“We were delighted with the support Hilton-Baird provided,” said Mr Barnes. “We knew from experience that invoice factoring was the right facility for us, but we needed their expertise to help identify the most appropriate funder.
“We’re now benefiting from a factoring company that fully understands how our business works and is delivering a level of service that we were hoping for.
“It goes to show that it’s important for businesses to review their funding every now and then, and who better to guide them through than Hilton-Baird.”
If you would like to review whether your existing facility is the most suitable for your business, Hilton-Baird offers a benchmarking service to evaluate whether switching could benefit you. Read more about it here, or contact a member of our expert team on 0800 9774833 or by requesting a call back.
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