Worcester SME engineers growth plans with £650k finance deal from Time Finance
Independent SME lender, Time Finance has provided a specialist £650k asset-based lending facility to a Midlands-based engineering company, SpeedFlex, to enable its future growth plans.
The unique multi-product solution consisted of a £250k confidential invoice finance facility, and a £400k asset finance facility, allowing the business to invest in its operations and prioritise growth plans.
Based in Stourport-on-Severn, SpeedFlex Engineering specialises in the production of components for the aerospace, automotive and gas turbine industries, all of which are integral to the UK’s economy.
Having achieved a growth in turnover from £500k to £1.6m, the business required a funding boost to help fulfil its ongoing growth strategy, and to do so its MD, Stephen, wanted to utilise the existing assets within the business. Stephen consulted The Director’s Choice for additional support, which recommended Time Finance for its flexible and consultative approach to multi-product lending.
Time Finance packaged an asset finance and invoice finance facility that would address Stephen’s immediate funding needs, whilst simultaneously placing SpeedFlex Engineering in a favourable position for future growth.
Sam Evans, regional sales manager at Time Finance, comments: “We were thrilled when SpeedFlex Engineering was referred to us. Collaborating with Rob Walters from our invoice finance division to see the transformation of cashflow worries into strategic business growth plans is exactly what we aim to do here at Time. We moved quickly to ensure a quick resolution prior to the Christmas break, ensuring all financial overheads were met as trading slowed.”
Speaking of the process with Time Finance, managing director at SpeedFlex, Stephen comments: “The team at Time Finance work differently to other lenders. They have a human approach to the solutions they provide. Working with Rob Walters and Sam Evans was easy, they are personable, friendly and we had open and honest conversations about my needs, the needs of the business and my plans for the future. They turned both the Invoice Finance and Asset Finance deals around in just three weeks. Nothing was too much trouble and the whole thing happened really smoothly.”
Following this financial backing, SpeedFlex has now implemented its long-term growth strategy, and continues to contribute to the vital engineering sector within the UK economy, with the reassurance and financial headroom to do so.