A Lincolnshire business specialising in the production of frozen fish products has installed a state of the art cooking machine and increased cash flow thanks to facilities from Regency Factors PLC. The family have been involved in the seafish industry in Grimsby for over fifty years. Over which time they have amassed invaluable knowledge especially with regards to recognising and sourcing the best fish available
Their products include fish cakes of various flavours, fish wellingtons, breaded fish & fish pies and the products are all manufactured on site, in some instances even by hand. Stockists include Waitrose, Sainsbury’s, Ocado, Selfridge’s and Wholefoods. The company also supplies high-end restaurants across the UK.
What they wanted to achieve
Our client entered into a factoring agreement with a high street bank in 2011, who also provide their banking facilities. They were unhappy with the credit control element of their facility as they felt that the debts were not being chased in an adequate manner and they would have to repay as the debts aged. The decision to move lenders, to one that was more supportive of their growth plans, was made when the incumbent refused to assist them in the purchase of a new piece of equipment, telling them that they had to do their own credit control to increase cash flow.
How we helped
Regency Factors have provided a full service factoring facility and the means to purchase the new equipment they needed to expand. The credit control that we provide as part of our facilities has meant that the business can pay their suppliers and can look to expand.
The MD of the business commented: ‘This is our first time working with Regency Factors and we were impressed by the team’s in-depth expertise and their ability to tailor the funding support exactly to our needs’
Lee Jones, BDM at Regency Factors said: “Our client has a really impressive business and being able to support them on their growth journey has been a great experience. Managing cashflow is essential to the success of any business, but Invoice Finance particularly helps businesses dealing with overseas debt due to varied payment terms”