Ashley Commercial Finance helping to meet UK's Recycling Targets with Kor Minerals
You may often wonder what happens to the 2.25 million tonnes of glass bottles used in the UK every year and the 30% reclaimed as broken glass in bottle banks around the country. Much of it makes even more bottles, but now a new company is increasing the potential to use that glass. It will help meet the targets set for recycling in the UK of 70% and in doing so also improve the quality of filtered water, bricks and insulation materials.
Kor Minerals is growing quickly. Launched four years ago from a research project, the company now has full scale processing using recycled green and brown glass powder. The specially processed glass is then used in water filtration, insulation materials and brick manufacture. One of Kor Minerals’ key business issues was funding that growth.
Jon Boden, Chairman of Kor Minerals;
“Our bank had been talking to us about invoice finance and how it might help but it was our accountant who suggested we speak with Ashley Commercial Finance about this. I met them and a deal was set up very quickly, terms were clearly and easily laid out.”
Small business invoice finance specialist Ashley Commercial Finance provides a factoring facility for Kor Minerals which advances funds for 80% of the value of the invoices in 24 hours, the rest immediately on payment of the invoice, whilst also providing a full credit control service. This facility will let Kor Minerals concentrate on growing their business without the worry of cash flow difficulties.
Jon Boden, Chairman of Kor Minerals;
“It seemed an ideal solution because we needed to hold large stocks to meet customer demands quickly and we had to finance this somehow. Some of our customers take 90 days plus to pay and they dictate fixed payment deals. Our invoices are now paid very quickly, 80% is paid immediately and we can select which invoices we put through Ashley.”
He continued;
“The transfer of credit control to Ashley worked well. They are an efficient organisation and the people are very helpful, work as a team and are easy to reach.. The relationship we have with Ashley will fit our growth plans and business moving forward. Invoice finance has reduced our overdraft needs and enabled stock holding levels that suit our business.”
Kor Minerals, just leaving its R&D phase of growth, predicts a turnover of £1.4 million at the end of 2005. It is currently processing 200 tonnes of glass a week with one shift.
Operations Director of Ashley Commercial Finance, Jayne Merriman commented;
“Kor Minerals is an exciting company in need of cash to fund big opportunities for growth. Using invoice finance to fuel this growth rather than an overdraft, is a smarter way to succeed and we are here to help them do this both now and well into the future.”
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