• Immediate Working Capital
  • Growth, Aquisitions, MBOs
  • No Need for Re-negotiation
  • Instant Cash Flow
  • Saves Management Time
  • Improved Collections Performance
  • Recession-Proof Thinking
  • Practical How To Guides
  • Business Knowledge Bank
  • Fast Track Response
  • Competitive Rates
  • Personal Service

Hire and Higher

Peterborough Crane Hire was established in 1981 by Stuart Smith with the purchase of a 25 tonne telescopic mobile crane, following a period working in the Middle East. From just one crane, the company now owns a fleet of 20 cranes ranging from 12 tonnes to 300 tonnes. In addition, the company operates a specialist haulage division with 3 lorries with various trailer types and can move loads and supply cranage as a complete option.

Stuart Smith says: “These are difficult economic times, we all know that. One thing I do know for certain is that without a factoring facility, this business simply could not exist. I used to have an overdraft facility many years ago but that would not have been able to provide sufficient funds for the expansion of the business. In harder times, such as now, factoring comes into its own with the immediate provision of funds together with an efficient credit management and collections service.”

Factoring has enabled the company to increase its working capital significantly by converting trade debtors – sales invoices – into cash. By unlocking the cash tied up in the sales ledger, the crane hire business has been able to finance growth, as well as help fund vital investment in new plant.

In the past, companies seeking additional working capital have had to settle for the rigid ‘rule book’ approach of the clearing banks. Constraints that can limit growth and arrest business development. Factoring from SME Invoice Finance offers greater flexibility.

“Factoring gives us an immediate injection of cash and the level of finance available to us has expanded at the same rate of growth as our business, without the need for continual re-negotiation. Now, times are more difficult but factoring still delivers substantially higher levels of funding than an overdraft,” adds Mr. Smith

He continues, “I opted to take out selective debtor insurance against around 50% of the ledger, which means I can sleep comfortably at night, knowing that I am protected from a level of risk exposure that is avoidable.”

Mr Smith’s final word is about the people at SME Invoice Finance: “From a service and relationship perspective, I regard the people at SME Invoice Finance as colleagues. We have a mutual trust that is at the core of our relationship.”

Isn’t it time you trusted SME Invoice Finance to give your business a lift.