Farming firm harvests success with £850,000 funding support from Time Finance
Time Finance are delighted to announce that they have supported their client, A & B Contractors, with a £750,000 invoice finance and £100,000 XtraTime facility, as they use the funding to help harvest their ambitious growth plans.
Established in 1989, A & B Contractors was set up by Richard Barrow, an entrepreneurial farmer with exciting plans for the future. Having grown his business year-on-year, it now stands as a large and successful agricultural contracting firm with a highly skilled workforce of over 40 employees behind it. Offering a wide range of farming services, from harvesting crops to ploughing and bailing, the firm operates a fleet of 30 tractors to cover all aspects of farming. As they later moved into groundworks, offering tarmacking, concreting and paving services, they invested in a range of heavy plant pieces of machinery.
They first established their relationship with Time Finance back in 2018 in their search for a relationship-driven funding partner who could help them to ease cash flow and support their plans for further investment. Time Finance packaged an Asset Finance solution which gave A & B the flexibility to re-finance their existing farming equipment and release £88,000 back into the business.
With much of their work driven by seasonality, and spring and summer producing peak sales, earlier this year they once again found themselves in need of funding to bridge their cashflow gap. This time Invoice Finance was the ideal solution, raising funding against the value of their unpaid invoices. Working closely with TSF Finance who introduced the facility, Time Finance were able to swiftly package a £750,000 Invoice Finance facility to provide an immediate cash injection into the business. In addition Time Finance packaged an additional £100,000 through an XTRA Time overpayment, to provide A & B with further headroom for growth.
Richard Barrow, managing director at A & B Contractors, said: “When it comes to growing your business, it’s vital to have a supportive funding partner who really gets to know you and what you need to do to take it to the next level. As soon as we met with the team at Time Finance, we felt confident in their understanding of our business and their flexible approach to meeting our needs.”
Simon Holian, business development manager at Time Finance, said: “It’s been a pleasure to support Richard and the team. We took the time to understand their business and tailor a funding facility that would tackle the immediate cash flow issues caused by seasonality but be flexible and provide enough headroom to fuel their future growth plans.
“We pride ourselves on being easy to deal with so that our clients get the financial support they need to thrive, quickly and efficiently. Our relationship with A&B demonstrates just that.”
A & B Contractors are now well-placed to see their business continue to go from strength to strength.