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Factoring 2

Updated: 14th February 2007 (AM)

Turnover: £150k

A sole trader, operating an established private hire car firm, with a mix of his own vehicles and freelance owner/drivers, approached Sterling Capital Reserve for help when his own bank was unable to provide a working capital facility. He wanted to expand the business, but cash flow was poor, due to the amount of cash tied up in his account customers. Factoring was the solution. Sterling Capital was quickly able to arrange a factoring facility, with cash being made available to our client within 24 hours of invoices being received by the Factor.