New funding facility provides Yorks Sweeper Hire with clean path to grow
Yorks Sweeper Hire has had its path to growth cleared by a £500k invoice factoring facility supplied by nationwide capital solution provider, Skipton Business Finance – a development that the Cranfield-based business says will support its ambitious growth plans, both short and long term.
The invoice factoring facility provided by Skipton represented a £150k increase over the facility previously provided by a high street bank. The new facility also offers enhanced terms, including Bad Debt Protection and an increased recourse period of 120-days.
Samuel York, managing director of Yorks Sweeper Hire, said: “We operate in an industry where it’s common to have debts that age more than others, and the facility and business we’d been working with before Skipton had very little flexibility.”
“The cost of Skipton’s invoice factoring facility; the increased credit limit and recourse period; and the inclusion of Bad Debt Protection, which really is vital for a business like ours; all added up to making the decision to switch the easiest business decision I think I’ve ever made.”
“And the timing couldn’t have been better. A big competitor of ours fell away recently, creating a growth opportunity for us that Skipton’s facility has really helped us to capitalise on.”
Yorks Sweeper Hire was founded in 2010 and operates across Bedfordshire, Buckinghamshire, Northamptonshire, Oxfordshire, Cambridgeshire, Peterborough, Leicestershire and Hertfordshire. A large amount of its work is in the construction sector, but it also counts Starbucks, McDonald’s and David Lloyd Gyms. Its services include road sweeping, jet washing, gully sucking and specialised surface cleaning.
Robin Edlington, associate sales director at Skipton Business Finance, said: “You sometimes meet a business at just the right time and with Samuel and Yorks Sweeper Hire that’s certainly been the case. They had a growth opportunity, an unflexible factoring partner and a clear need for Bad Debt Protection.”
So happy were the business owners with the quality of service provided by Skipton; that they named a road sweeper after Robin.
“To be able to step in and provide a bigger and more competitively priced facility and help them as they strive towards growth has been extremely gratifying. And, then, of course, there’s Robin the road sweeper, which my family, friends and colleagues are all taking a great deal of joy in,” added Robin.