- 25 June 2011
- Posted by: Lucinda
- Category: Manufacturing
FURNITURE BUSINESS, TURNOVER €3M
The Problem: Re-start, banks unable to support
These business owners re-started in the furniture industry after their previous business went into liquidation, following a large bad debt. Due to the history, the main discounters were unable to support the new company. The new business needed Invoice Discounting to pay their suppliers upfront as they couldn’t secure any credit.
TheSolution: Having assessed the funding needs of the business, we introduced an Invoice Discounter who took a commercial approach to the business and looked at the future potential, rather than the past. They offered an initial funding line of €500K. This gave the promoters the crucial funding they needed to start their new business.
“If we hadn’t Clancy on board , we wouldn’t have been able to get this funding ”