Yorks Sweeper Hire secured a £500,000 invoice factoring facility from Skipton Business Finance, providing the business with extra funding and flexibility for growth.
The facility was £150,000 more than the previous one from a high street bank, and included improved terms such as bad debt protection and a longer 120-day recourse period.
Samuel York (pictured, left), managing director of Yorks Sweeper Hire, said: “We operate in an industry where it’s common to have debts that age more than others, and the facility and business we’d been working with before Skipton had very little flexibility.
“The cost of Skipton’s invoice factoring facility; the increased credit limit and recourse period; and the inclusion of Bad Debt Protection, which really is vital for a business like ours; all added up to making the decision to switch the easiest business decision I think I’ve ever made.
“And the timing couldn’t have been better. A big competitor of ours fell away recently, creating a growth opportunity for us that Skipton’s facility has really helped us to capitalise on.”
Robin Edlington (pictured, right), associate sales director at Skipton Business Finance, said: “You sometimes meet a business at just the right time and with Samuel and Yorks Sweeper Hire that’s certainly been the case.
“They had a growth opportunity, an unflexible factoring partner and a clear need for Bad Debt Protection.
“To be able to step in and provide a bigger and more competitively priced facility and help them as they strive towards growth has been extremely gratifying.
“And, then, of course, there’s Robin the road sweeper, which my family, friends and colleagues are all taking a great deal of joy in.”
This story was first featured in The Haulier.
