Vivid Finishes targeting £12m in 2023 with support from Cynergy Business Finance
Vivid Finishes, Spitalfields-based commercial painting, decorating and spraying contractor, is on track to reach revenues of £8.9m this year, and is expected to rise to £12m next year, thanks to support from Cynergy Business Finance.
Founded by industry specialists Stuart Tigar and Simon Cushing 2008, having worked together for a decade, Vivid Finishes carries out all forms of high-craft traditional painting, decorating, spraying and wall coverings. From the head office on New Street, it carries out work across London and the UK with latest projects including Enstone, Oxfordshire; Castlehaven Road, Camden; Hadham Road, Bishop’s Stortford; and Charing Cross Road, London.
The team is on track to reach over £8.9m in 2022. Its recent growth and strong order pipeline for 2023 has been a result of hard work, excellent quality service and customer satisfaction, further supported by a £1.75m asset-based lending facility.
The flexible facility will provide a boost to its cashflow, enabling Vivid Finishes to expand its pipeline order book and further grow the team from its current base of 120 skilled decorators.
Stuart Tigar, commercial director at Vivid Finishes, said: “Cashflow is incredibly important for our business. We rely on the backing of our 120 decorators, which can often be complex to manage, so the facility from Cynergy gives us the flexibility to meet any increased demands in services. We have ambitious plans for growth, so needed a funding solution that could flex to our changing needs.”
“Other finance options weren’t feasible, none offered the level of flexibility, or size of facility that we were seeking. The team at Cynergy Business Finance were able to find an asset-based lending facility that will grow with us and serve us long into the future.”
Paul Fraser, executive director at Cynergy Business Finance, said: “Vivid Finishes has experienced steady progress over the last 14 years – now, with a well-tuned business model, a desire to further enhance that growth and customers seeking it out to do more and more work, it seems very much in line for significant growth. As we all know, there is now real desire by many firms to create the best possible office-based experience for their staff – having witnessed some of the vibrant and creative work that Vivid do for their customers, I expect it will flourish in the years to come.”