A foundation for growth: family firm secure £350k funding boost from Time Finance
Time Finance are pleased to announce that they have supported their client, Rendit, with a £350,000 Invoice Finance facility as they use the funds to fuel further innovation and growth.
The family-owned firm was incorporated almost 30 years ago by husband-and-wife duo, Malcolm and Sandra Kitching. Their experience in the formulation, supply and application of premised render materials and systems helped them to build a strong customer base of trades men and women across the UK. In 2005, their son James Kitching took over the role of director and set out a renewed strategy to help modernise and digitally transform the business.
Over the last few years under James’ management the business has grown substantially thanks to the automated technology introduced which allows employees to track live stock levels, automate deliveries and monitor distribution in real time. The digital transformation saw the firm stay ahead of the competition and increase their market share by promoting their partnership with leading brands such as K Rend, Parex, Fassa Bortolo and Eco Rend and making purchasing quick and easy.
Whilst keeping up with the momentum of orders, Rendit are also forced to grapple with supply chain disruption caused by the pandemic and Brexit. They turned to their financial advisor Silkstone Consultants for a working capital facility to assist with buying power from suppliers. Silkstone introduced Rendit to the invoice finance team at Time Finance who were able to release existing working capital, otherwise tied up in unpaid invoices and inject £350,000 back into the business.
James Kitching, director at Rendit, said: “We’re so pleased to be working with Time Finance. The funding support we’ve received has been fantastic. Not only has it provided an immediate cash injection but it has also enabled us to focus our efforts on further investment in digital transformation to support our growing customer base and explore product development so that we can look to produce and sell our own render materials.”
Invoice finance can help businesses like Rendit fuel innovation and growth. By releasing funds otherwise tied up in unpaid invoices, businesses are no longer held back by a lack of cashflow. With facilities ranging between £10,000 and £2.5m, Invoice finance can help businesses of all sizes.
Rob Walters, business development manager at Time Finance, said: “Rendit is a fantastic business and one we’re delighted to work with. Packaging a facility that would give them the financial freedom to overcome current challenges in the market and grasp hold of new opportunities at the same time was key. The £350k will go a long way to support their growth plans and we look forward to seeing where the business will go next.”
