Ambulance provider takes on new clients
Last year, a provider of ambulances and medical services joined the Regency family. They had never taken a factoring facility and were reliant on their bank overdraft. The terms of the overdraft were changed and they could not increase the amount that they used. They had to look elsewhere for their funding.
“The obvious impact of course has been the cashflow, we have enjoyed the benefits of releasing the funds within the book debt and have updated our fleet through this facility so where we did have older ambulances, we now have brand new ambulances and equipment, which has raised our profile within our ambulance sector enormously. Despite still being a small company our reputation for providing the best equipment, conditions and staff, precede us.”
We were also able to assist our client when they started to take on new customers:
“During this time we have traded with contract awarded limited companies. This is an entirely different situation than dealing directly with the NHS trusts, as they have their own agendas and certainly not as simple as doing the work and getting paid, as was evident by our dealings with a company awarded an NHS PTS contract. It was very reassuring to have Regency there to investigate them and put in place a credit limit. As it transpired, they were incredibly unhelpful and would not even verify the invoices, had no one that would accept responsibility in their accounts department and eventually I had to contact the Clinical Commissioning Group (CCG) to push forward the payment, but the early warning that was produced by your staff, effectively gave me a whole finance department that was on the case. Similarly, with another ambulance service, I should not have been happy to proceed offering credit facilities upon the sort of invoiced amounts (up to £40k per month) without Regency to establish their credit rating and oversee the ongoing process of verification of invoices and payment.”