As the UK’s leading independent invoice finance specialist Bibby Financial Services provides funding to all kinds of businesses in all kinds of industries. Many of these companies have been kind enough to provide case studies to us. These case studies can often be useful for other business owners looking at ways to finance growth in their own businesses.
Over the coming weeks we plan to bring a few of these case studies to the Bibby Financial Services blog. In the first of this series we’ll be looking at our working relationship with Chillfast Couriers.
Business heats up for Chillfast Couriers
Chillfast Couriers is a family run business based in the North East, they specialise in the transportation of chilled goods, frozen products and pharmaceutical items. They also offer an emergency delivery service and operate 364 days of the year.
The business has been established for over 15 years, starting with one van they now have a fleet of 40 and a number of articulated lorries. The business suffered during 2012 when a number of key customers closed their doors. Some of the companies that shut down owed money to Chillfast, owner Angela Goundry found that the business needed to scale back in order to survive.
Chillfast had been using a factoring service provided by a local bank, when business took a turn for the worse the bank could no longer support the business. Angela found that funds suddenly dried up, it was at this point that she approached Bibby Financial Services.
Angela explains what attracted her to Bibby Financial Services; “The thing that drew us to Bibby Financial Services was its local presence. Having an office local to us enabled our Bibby Financial Services Account Managers to visit us to complete necessary paper work, so the process was really quick and easy.”
Bibby offered funding through its Forward Finance product, but as orders increased the level of funding was increased to a factoring facility. This helped enable Chillfast to plan for the busy summer months.
Angela explains; “Orders are very seasonal, which means that we need to have funding in place for our peak months and Bibby Financial Services has been able to provide this level of flexibility to help us plan ahead and to fulfil these orders.”
Reemployed all drivers
Since securing funding through Bibby Financial Services Chillfast Couriers has reemployed all the drivers it had to let go, they’ve even employed new operatives to help cope with the growth they expect with the help of Bibby Financial Services.
Angela says the relationship she has with the team at Bibby Financial Services, is much more akin to the relationships Chillfast Couriers has developed with their own customers: “The difference between Bibby Financial Services and our previous funding partner is that they’re in regular contact and work side-by-side with us to help the business operate smoothly. The systems are also easier to use, enabling us to obtain the funding we need quickly.”
Contact Bibby Financial Services
As the UK’s leading independent invoice finance specialist and a trusted provider of cashflow funding to over 7,000 businesses, Bibby Financial Services provides a range of finance solutions for businesses in over 300 industry sectors.
For more information about Bibby Financial Services’ cashflow solutions, visit: www.bibbyfinancialservices.com or call 0800 91 95 92.