Solving cash flow pressure through Invoice Discounting
Lloyds Bank played a critical role in supporting the Plumbing Distribution Company's (PDC) growth performance through Invoice Finance.
Read time: 5 mins Added: 06/08/2019
PDC supplies UK manufactured plastic plumbing materials to plumbing retailers in the London and South East region.
Ever since the family-run business was established over ten years ago, its client base and demand have increased significantly. Whilst this has allowed for a growing business and an increased turnover from £1.6m to £2.3m over the last three years, it has also meant rising pressure for an increased cash flow.
PDC gives its customers 30 days payment terms. Unfortunately its main supplier could not offer the same length of terms, which resulted in a pressure on its cash flow.
Invoice Finance was recommended by their Lloyds Bank Relationship Manager, Mark Williams, and seemed like a very suitable solution. Since using Invoice Discounting, the company director, David Beaseley has confirmed cash flow improvements and business growth; he also praised the service provided by the Relationship Manager:
"Mark has been fantastic. I can't speak highly enough of him, he is always really responsive when we need an increase; this gives us the confidence to concentrate on growing the business without worrying if we have the cash flow we need. He is service orientated and reviews the cost regularly to try and save us some money," commented David.
He believes Invoice Finance to be perfect for cash flow and finds Lloyds Bank's Invoice Finance system to be very user friendly.
"It is very easy to use, we just click a button on the desktop and within an hour our ledger has updated. We have looked at other providers but their daily requirements were much more work, in terms of supplying ledgers, reconciliations etc. With Lloyds it's all done for us."
As a consistent and regular user of Invoice Finance, the company highly recommends the solution for anyone looking to get cash flow support.
Lloyds Bank played a significant role in solving the company's cash flow issue and contributed to the company's growth performance.
Lloyds Bank has therefore helped the company to expand its business and lift the burden of cash flow, all through the sole use of Invoice Finance.
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