Taking the stress out of finance

By Bridging Loan Directory -

 

Joanne ElliotA Wirral based concrete flooring company has taken the stress out of managing its finances with help from new British bank, Aldermore.

Prestressed Floors Ltd supplies pre-stressed concrete floor beams (used in beam and block flooring), concrete wideslab flooring, staircases and terracing to the construction industry. Based in Brombrough, they offer a complete design and manufacture service for developments ranging from residential housing to apartment blocks, offices and nursing homes.

The business was established in February 2009 and has grown steadily over the past three years. Managing Director Joanne Elliot explains the challenges facing a growing business in a tough market: “The construction industry has been hit hard by the recent recession, but despite the downturn in the economy, Prestressed Floors Ltd has been able to buck the trend and achieve year-on-year sales growth.

“However, one of our ongoing challenges is keeping on top of our cashflow. We typically need to pay our suppliers on 30 days, but it sometimes takes customers longer to pay us, especially if stage payments form part of their contract.

“We met with our accountants to discuss the issue and they recommended we speak to Aldermore about factoring. I must admit that I hadn’t considered factoring previously and had always thought of it as a very bespoke facility. However, I can now see that it provides an excellent way for a growing business to overcome its cashflow conundrum without having to rely on overdrafts or loans.

“We spoke to a number of factoring firms including a couple owned by high street banks. However, the team at Aldermore were quick to respond to our enquiry and were eager to find ways to complete the deal, so we agreed a facility with them. The arrangement has been in place for a few weeks now and everything is working fine; it certainly helps take the stress out of financial management.”

Ian Saunders, Regional Sales Manager at Aldermore Invoice Finance, added: “Controlling cashflow is a fundamental aspect of running any business, especially as it grows and expands. Prestressed Floors Ltd will have a turnover of approximately £2 million this year, which is impressive when you consider the business is just three years old. The factoring facility provided by Aldermore gives the company a solid financial foundation from which to continue growing the business in the future. We’re delighted to be helping another small business prosper in such challenging economic times.”

Joanne Elliot concluded: “Small businesses need to keep a tight control over their cashflow and factoring provides Prestressed Floors Ltd with a practical and reliable solution to an age-old problem. I can recommend Aldermore, who have been quick to respond and eager to provide support.”