Reach case study: Food retailer

I was introduced to a new-start business by their accountant as they required funding for working capital. They work in the retail sector and their clients had them on quite lengthy payment terms.

They were a little dubious to speak with us at first as we were a broker, and they were already speaking to the bank but they were unable to assist which came as a surprise to them as they had business banking with them.

I explained that as they are a new start business with a relatively small turnover it might be best to explore a smaller independent funder to start with. That way they could hold their hand through the early stages.

An invoice finance facility was put in place around 2 weeks later, and 2 years down line they are still with the same finance provider, and the business has flourished to over a £1,000,000 turnover. Due to the relationship I have built with them over the years they have come back to Reach for vehicle finance amongst other things.

It hasn’t always been straight forward obtaining finance for them, but due to them being very open and honest from the start about personal and business circumstances we have always been able to source them the funding they’ve needed.

At Reach we feel it’s very important to build a relationship with our clients to ensure you are sourcing the right type of funding for them. This in turn with enable the business to flourish especially in the early stage, as some businesses can fail if the wrong advice is giving.

Client testimonial

Kate, , managing director, food retailer: "I felt compelled to write about Mike from Reach Commercial finance, almost two years ago we set up our hospitality business unfortunately the banks wouldn't, apart from giving us a bank account, offer us any funding to enable our business to grow.

"I was given Reach Commercial F number, although I felt a little dubious of calling them as I thought they would want high rates etc, but after speaking with Mike he put my mind at ease, extremely understanding, down-to-earth and supportive of our ideas and plans I felt secure in knowing he would help us with finance.

"Mike offered us business finance which we still use today. After having the business a year we needed a new vehicle we called Mike immediately who put us in touch with a company who was also just as fantastic in delivering their service as Mike was.

"I have had no problems or concerns with any of their options they have offered us! I would not hesitate in recommending anyone who is looking for finance to contact these guys ask for Mike he will deliver! Keep up the good work guys."