Healthcare operator is focused on expanding in the South of England thanks to RBS Invoice Finance
RBS Invoice Finance has supported healthcare operator Platinum Vision Ltd in Ilford with a six-figure Invoice Finance package to support plans for continued growth in Hampshire, Dorset and Southern Home Counties.
Platinum Vision is currently looking to increase their portfolio of over 30 care homes they work in partnership with – 75% of these are new contracts they have secured in the Hampshire and Dorset area. The facility from RBS Invoice Finance will help to support this activity by providing access to working capital.
Platinum Vision established in 2010 with Steady Munyanyi at the helm of this £600k turnover business. Together with Cliff and Ellie Lunt, this management team are looking to grow their care agency to become a dominant player in the South of England care sector.
Working in partnership with local care homes, Platinum Vision provide temporary staff such as healthcare assistants, carers and support workers to provide behaviourally challenged young adults and elderly residents with a familiar face and a high standard of care. The healthcare provider has built up a workforce of approximately 40 staff which they transport into their place of work given the rural locations they often operate in – this can be up to a 20 mile radius and is a key selling point.
Platinum Vision often faces delay in their payment terms affecting the cash flow of their business. With the support of RBS Invoice Finance and a Factoring facility, the company has a more efficient way to access capital. This is allowing the company to secure more work and operate on their 30 day payment terms.
Steady Munyanyi, managing director of Platinum Vision Ltd, said:
“The sheer nature of our industry warrants the need for Invoice Finance. With an ageing population we need to make sure we retain our staff to cover the sheer volume of 24/7 shifts required at each care home.
“The Factoring facility is fundamental for us to make further investment in the business and grow our portfolio in new Southern counties such as Hampshire, Dorset and Surrey. Previously this was not possible as we were always waiting on payment from our customers so the cash flow was simply not efficient enough to take on new clients.
“RBS Invoice Finance made the transition an easy decision for us to make and we are delighted with the results so far. We can now forge ahead with the confidence we can ensure a high quality for our clients’ staffing needs and their care provision requirements are met.”
Steve Taylor, bBusiness development manager at RBS Invoice Finance, added:
“We are finding that Invoice Finance is suiting the needs of healthcare businesses like Platinum Vision that often find themselves restricted by their current cash flow. Platinum Vision is a prime example of a local SME that is releasing liquidity to give an advance on its debtor payments and the confidence to act on its future growth.”