Invoice Finance helps decorating company to continue trading

Keith Jones & Sons Decorators provides painters and decorators to businesses and commercial properties across the country, covering various projects ranging from hotels to the banking industry.

       Share via email

Read time: 5 mins      Added: 03-06-2019

They recently won a substantial project with a bank to refurbish parts of their branches. However this required additional capital, as their existing overdraft did not suffice to take on the project.

Whilst the founder initially sought an increase in the overdraft facility, this quickly proved to be a less favourable option. This was deemed too risky as it would have required security over the director's personal property. It was at this stage that Invoice Finance was introduced.

Paul Jones, Managing Director, had not used Invoice Finance prior but felt happy with the process and what it would do for the business.

Paul explained the process as follows "It was a straightforward process that has allowed us to be a bigger business."

The product has allowed the business to continue trading by providing cash for their invoices. Paul noted that customers have frequently paid slower in recent years and Factoring with Debtor Protection has helped to maintain a positive relationship with these customers, many of which the business has dealt with for over 30 years. This solution ensures flexibility in cash flow and thus reinforces the strong and trusting relationship Keith Jones & Sons Decorators have forged throughout the years.

Paul mentioned that "it has also allowed us to take on new customers over the last few years; we have increased our turnover from £1.1m to £1.9m. I would not have been able to do this without our Invoice Finance solution."

It also gives Paul peace of mind that he can pay his staff on time, a high priority, as employees are at the heart of any business.

Beyond this, Paul has praised the support he has received from his Lloyds Bank Relationship Manager, Karen Hibbert, who helped to increase the business' prepayment for a short period of time when Keith Jones & Sons Decorators were faced with a bad debt of approximately £30k.

Paul highlighted that "Karen also recommended that we take the debt protection, which has been invaluable to the business. She understands our needs and she is really easy to talk to."

Lloyds Bank has been crucial in turning business opportunities into action. Keith Jones & Sons Decorators has been able to meet financial needs through Lloyds Bank's support and generate further opportunities, allowing the company to grow in size and revenue.

All lending is subject to status.

Invoice Finance

Strengthen your working capital through our wide range of Invoice Finance solutions

Finance Options

Important legal information

Lloyds Bank is a trading name of Lloyds Bank plc, Bank of Scotland plc, Lloyds Bank Corporate Markets plc and Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH.

Lloyds Bank plc. Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065. Bank of Scotland plc. Registered Office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland no. SC327000. Lloyds Bank Corporate Markets plc. Registered office 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 10399850. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278, 169628 and 763256 respectively.

Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH is a wholly-owned subsidiary of Lloyds Bank Corporate Markets plc. Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH has its registered office at Thurn-und-Taxis Platz 6, 60313 Frankfurt, Germany. The company is registered with the Amtsgericht Frankfurt am Main, HRB 111650. Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH is supervised by the Bundesanstalt für Finanzdienstleistungsaufsicht.

Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please note that due to FSCS and FOS eligibility criteria not all business customers will be covered.

While all reasonable care has been taken to ensure that the information provided is correct, no liability is accepted by Lloyds Bank for any loss or damage caused to any person relying on any statement or omission. This is for information only and should not be relied upon as offering advice for any set of circumstances. Specific advice should always be sought in each instance.