OHUK Limited competes with larger players with Invoice Finance support
The business sought additional funding when it was given the opportunity to supply workers for the Tottenham Stadium site – an important chance for the business to compete with larger players and get their name heard in the construction industry.
Read time: 5 mins Added: 24/06/2019
OHUK Limited is a construction recruitment business, specialising in the placement of temporary and permanent personnel within the construction and engineering sectors. Their existing payment terms with their main clients did not align to payroll needs required for additional personnel for the new project.
The business had been using an alternate payroll financing solution that was popular in the recruitment sector. But with this new opportunity, OHUK Limited took up Lloyds Bank’s offering of a factoring facility with debtor protection to help ease the strain on their cash flow.
Founder and director, Nick Mace, understood Invoice Finance to be one of the most effective solutions, as it meets high cash flow demands by allowing early access to funds from unpaid invoices.
When asked what he thought of the solution for his company, Nick Mace said:
"Invoice Finance works really well for us and the fact that Lloyds Bank and our Relationship Manager, Katy Marlow, understand our business needs and customer expectations have helped a great deal. We know that whenever we encounter cash flow issues, we can get the support we need from our funding partner."
Lloyds Bank Invoice Finance not only provided the necessary funding for supplying workers to the Tottenham Stadium, but has also supported OHUK Limited in winning over a new customer, which increased the business’s debtor book substantially to £4m. The company worked with Katy and obtained a temporary increase to their limit while they were in the process of receiving the credit approval for a permanent increase to £5.6m.
Nick thinks that "the project has allowed us to take the business to the next level; we are now getting enquiries from larger players in the market who have heard of what we have delivered, which has been great for us and we are continuing to grow."
Lloyds Bank was an important support function, helping the business to compete with larger players in the market whilst simultaneously providing the right foundation to take on more opportunities and expand their business.
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