Invoice Finance Helps Refrigeration Concepts Concentrate on Growth

Grimsby based Refrigeration Concepts Ltd. has been using invoice finance from small business invoice finance specialists Ashley Commercial Finance since it started up in 2001. During that period RCL has grown by word of mouth to a £300,000 turnover operation employing 10 people. Invoice finance has enabled the directors to manage their finances better and spend more time working on the business.

When RCL director, Pat Hargreaves asked her advisers about invoice finance, Ashley Commercial Finance was recommended as a provider. Pat investigated Ashley’s services alongside various offerings from high street banks. She concluded; “The banks were all too bureaucratic and didn’t really have the personal touch with customers. Ashley felt smaller, with a better service and queries were handled direct, rather than being passed from department to department.”

Four years later, Pat still thinks remains very happy with her decision. “Ashley saves days of work chasing for money. It is easier for them to recover money and they can tell me as soon as I pick up the phone what’s happening with our payments; what’s in and what’s waiting. I get a weekly update from our account manager too. We do the invoices, they load the invoices into the computer and take it from there. It is so much easier to control.”

Invoice finance is now being seen as a smarter option than an overdraft, particularly for fast growing businesses. As well as removing the hassle chasing debts, it brings in cash to the company sooner than waiting for standard credit terms, as the majority of the invoice value is available for use by the company as soon as the invoice is processed. When the debt is collected, the company receives the balance of the invoice value, less charges.

Pat Hargreaves at RCL recommends invoice finance to start up businesses who are looking to grow. She concludes; “We’ve recommended Ashley to quite a few successful businesses over the years.”