Time Finance, an independent SME lender, has provided a specialist £650,000 asset-based lending facility to
SpeedFlex Engineering Ltd in Stourport-on-Severn, to fuel its future growth plans. The unique multi-product solution consisted of a £250,000 Confidential Invoice Finance Facility, and a £400,000 Asset Finance Facility, allowing the business to invest in its operations.
SpeedFlex Engineering manufactures components for the aerospace, automotive and gas turbine sectors, and having significantly grown its turnover from £500,000 to £1.6 million, the business required a funding boost to underpin its ongoing growth strategy, and to do so its managing director, Stephen Dunstall, wanted to use the existing assets within the business.
He consulted
The Director’s Choice for additional support, which recommended Time Finance for its flexible and consultative approach to multi-product lending. Time Finance packaged an Asset Finance and Invoice Finance facility that would address the company’s immediate funding needs, and fund its future growth plans.
Sam Evans, regional sales manager at Time Finance, said: “We were thrilled when SpeedFlex Engineering was referred to us. Collaborating with Rob Walters from our Invoice Finance division to see the transformation of cashflow worries into strategic business growth plans is exactly what our organisation aims to do.”
Mr Dunstall added: “The team at Time Finance work differently to other lenders — it has a human approach to the solutions it provides. Working with Rob and Sam was easy, they are personable, friendly and we had open and honest conversations about my needs, the needs of the business and my plans for the future. They turned both the Invoice Finance and Asset Finance deals around in just three weeks. Nothing was too much trouble and the whole thing happened very smoothly.”