Your industry news - first Number 1 for Recruitment
We strongly recommend viewing Cleanzine full size in your web browser. Click our masthead above to visit our website version.
£50k finance deal fuels growth for Warrington cleaning equipment firm
A Warrington cleaning equipment business, which was started by three former colleagues, is on target to create new jobs and significantly increase turnover following a new funding facility from Ultimate Finance.
Peter and Deborah Bird, along with Karl Teare, started Rokserv six years ago to sell and refurbish industrial cleaning equipment. They invested less than £3,000 and operated from a small industrial unit. The company was then approach by and subsequently teamed up with international industrial cleaning equipment manufacturer, Wetrok AG, to become its UK distributor.
The business enjoyed good growth and today is based in a fully equipped 3,000sq.ft warehouse, stocking more than £100,000 worth of spare parts and machinery for sale, with a large range of ready-to-use sweepers and scrubber driers to hire. It currently has a team of eight, with more jobs being created, and is on target to grow its turnover by 27% in just two years.
With the customer base growing rapidly - and with the additional jobs being created in September, it needed a capital injection to fund its expansion programme and organised a £50,000 invoice finance facility through Ultimate Finance to help maximise its cash flow.
Commenting on the finance deal which will aid the expansion, director Debs Bird, said: "As with all small businesses, growth can be held back because it can take months to receive money from outstanding invoices, which puts a strain on the business. It is well documented that banks are reluctant to lend so we looked at alternative ways of financing our growth.
"Mark Holland at Ultimate Finance provided an invoice finance facility enabling us to receive the money we are due shortly after the invoices are issued. This can then be invested in new people and machinery to help grow the business."
Regional director of Ultimate Finance North West, Mark Holland, is seeing a growing number of businesses turning to this form of finance.
"There are so many successful businesses like Rokserv which are unable to realise their full potential because they cannot access funds via traditional methods.
"Unfortunately invoices can take a long time to get paid, even from very successful blue chip companies, so our aim is to provide a solution to free that money up so the company can use it to build on their success.
"It is very pleasing for us when we are able to assist an ambitious company like Rokserv to continue to do well and grow the business."
Image: Deborah Bird of Rokserv and Mark Holland of Ultimate Finance
6th August 2015