Manchester based We Build Recruitment is a specialist recruiter in the construction sector and when a customer went into administration, the business faced a bad debt and had to settle about £200,000 owed to a payroll provider. Initially the company took out a short-term loan from IWOCA to cover the liability, but its repayments cost around £15,000 a month. At the same time, Lloyds, its invoice finance provider for six and a half years, gave 10 days’ notice that it would stop funding invoices.
Able Commercial Finance stepped in to help, the priority was to tackle the expensive IWOCA borrowing and rather than simply replacing one loan with another, they arranged a combination of two facilities enabling We Build Recruitment to clear the original debt in full and reduce monthly loan repayments by 50%.
The invoice finance challenge required an equally decisive response. Able worked quickly to arrange a replacement facility ensuring the business could continue accessing funding against its invoices.
