Air conditioning case study and testimonial

When our internal software highlighted a client with a County Court Judgement for a significant amount that was linked to an accountant we knew well a call was made to offer our assistance. 

It transpired that their client had been the victim of a cyber fraud which led to their customer paying into a bogus account. Not only did this lead to relationship issues with the customer but also the impact on the client of not being in receipt of funds led to them facing cash flow difficulties. The lack of available cash in turn meant they couldn’t pay a key supplier on time and hence the CCJ was registered.

As a result the client turned to a loan provider to bridge the cashflow gap prior to our involvement; they managed to secure a nominal amount but not really enough to address the needs of the business.

On meeting with the client we gained a real understanding of the issues and the clients concerns, as well as looking at the longer term picture in respect of obligations to creditors. Having gained a better view of the business and its requirements we then ran through all the available finance options and then it was clear that the loan wasn’t the best fit for the client at all  – fortunately they hadn’t signed up at that point!

Having put the cash issues in order of priority the client had a much better picture of knowing what they had to deal with and what payments could be deferred.

The client really felt that the guidance from Reach Commercial Finance really helped and in the end decided not to take the loan but instead opted for Invoice Finance which meant they could deal not only with the immediate issues but the £100k facility also gives ongoing working capital to allow the client to get on with the day job.

Testimonial

"When our accountant recommended we speak to Reach Commercial Finance we already had an offer of a £15,000 loan to consider. Rather than jump straight in, we decided to meet the broker and with hindsight I am glad we did!

"We were delighted that they came out to see us the next day and ran through all the available finance options to us; they genuinely wanted to help us as best they could and their guidance really did assist us -  I’d be happy to recommend the team at Reach as they were there in our time of need."

- Accounts manager, air conditioning business.