Gateway Commercial Finance were delighted to be able to bring together Westcott Coatings and Sancus Finance to provide a workable, funding solution for the growing business.
Westcott Coatings and Training Services, a company specialising in the delivery of a wide range of surface preparation and industrial blasting and painting techniques, are based in Jarrow, here in the North East. With over 20 employees and over 100 subcontractors, they operate predominantly in the industrial, renewable and offshore market with some large clients including Siemens and ABB.
With a turnover of £3.5m and growing, the business found itself requiring a working capital facility to guarantee the delivery of their services to their clients. Their existing funders were unable to assist when the business won a new contract which required an increase in their invoice finance facility and that led to Matthew Doyle, Commercials Director of Westcott approaching Gateway Commercial Finance.
"We were thrilled to be awarded a large contract, but this was short lived when our bank was not willing to increase our funding facility to help us deliver the contract. We started looking at other options when our financial consultant, Simon Boyson of Gateway Commercial Finance Ltd, suggested that we talk to Sancus about their Invoice Trading solution, which could provide us with a flexible supply of working capital against selected outstanding invoices. The idea is brilliant. We can select specific invoices that we want to release funds from and within four days we receive the value of the invoices as funds into our account".
Sancus were able to provide an initial facility of £450k which was subsequently increased to £900k after six months. The facility is flexible enough to deal with the contractual nature of their business, which enables Westcott to access a higher level of funding than traditional sources would provide.
"Sancus understands our plans and our business. As a result they were able to provide a facility which supports us. We were also impressed with the speed in which our initial approval happened, which gives us confidence that we will have he funding we need when we need it".
Caroline Langron, Managing Director of Sancus Finance concludes:
"Invoice trading puts our clients in control. They can choose which invoices they require funding against and can use the service as and when they need to. Having a finance solution which works with their business, puts our clients in the driving seat when looking to fund the growth of their business".