A well-established client, trading for more than six decades, recently faced a significant challenge when their longstanding banking partner altered its position and requested the business seek alternative funding. This development required the client to refinance a range of existing facilities, including an overdraft, trade finance loans, and an invoice finance arrangement. The situation placed considerable pressure on the business owners, who were confronted with the urgent need to restructure their finances comprehensively.
David Oliver of Alliance Commercial Finance stepped in to assist, introducing the client to Time Finance as a potential new funding partner. With the previous funder restricting payments to critical transactions only, it became imperative to devise a solution that would not only replace the existing finance facilities but also guarantee a seamless and rapid transition. This was essential to safeguard the ongoing operations and future prospects of the business.
Time Finance responded by providing a £2.2 million Confidential Invoice Finance facility, fully replacing the previous arrangement. To further support the business through this transitional period, the payment limit was temporarily increased to 90%, with a plan to gradually reduce this limit over an agreed timeframe. In addition, a £550,000 Xtra Time Overpayment facility, secured against the company’s commercial premises, was implemented to address outstanding overdraft and trade finance obligations.
Throughout the process, Time Finance worked closely with the company’s directors and shareholders to develop a comprehensive financial solution tailored to the client’s needs. This collaborative approach ensured the business could navigate a particularly challenging period, securing both immediate stability and a foundation for future growth.
Time Finance plc (LON:TIME) is an AIM-listed business specialising in the provision or arrangement of funding solutions to UK businesses seeking to access the finance they need to realise their growth plans. Time Finance can fund businesses or arrange funding with their trusted partners through Asset Finance, Invoice Finance, Business Loans, Vehicle Finance or Asset Based Lending.
