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Factoring & Invoice Discounting

Invoice and Asset Based Lender provides 250k Factoring package for supplier of plumbing & heating materials

By CreditMan Monday, March 29, 2010

Venture Finance has provided Haines Distribution, a start-up supplier of plumbing and heating materials, with a 250k Factoring package which includes Bad Debt Protection. Haines Distribution was attracted to Ventures record of consistent lending throughout the recession, and the premier Invoice and Asset Based Lender turned the deal around within two weeks of introduction.

Haines Distribution was founded in February 2010 by brothers Stuart and Keith Haines. It provides plumbing and heating materials to Contractors, Merchants, Individual Engineers and Colleges & Training Centres throughout the UK. All of its products carry BS, Kite Mark, WRAS and EN approvals.

Stuart Haines comments: We are that rare company nowadays that deals with people face-to-face and over the telephone as opposed to over the internet. We planned to grow our team significantly with new clients and contracts, and therefore required a funding package to enable us to implement our ambitious plans.

To drive the company forward through the initial start-up period, Stuart and Keith required an instant cashflow boost that would facilitate early orders. The start-up had already turned over in excess of 80,000 within the first three weeks of business.

The brothers also recognised they would need credit control support, so they could concentrate on their early expansion plans. Venture was introduced to Haines Distribution through business angel Graham Shaw and quickly implemented a Factoring package - designed to provide that all-important headroom to kick-start the company.

Stuarts brother and business partner Keith continues: Venture made the whole process very easy. The personal approach and flexibility of the team was crucial in securing the deal so promptly. The Factoring package will allow us to get off the ground and we are looking forward to growing the Haines Distribution workforce over the next couple of months.

Nick Russell, Business Development Manager, Venture Finance comments: Invoice Finance is ideally situated to help UK businesses such as Haines Distribution meet the recovery with strength. Its services allow for both instant and ongoing financial support. Having Bad Debt Protection alongside the Factoring facility will also give Stuart and Keith added peace of mind and ensure they are fully protected from unpaid invoices.

The company has got fantastic potential and has already shown its promise by looking to employ new staff in the next month. I am extremely confident that Haines Distribution is set for a fruitful and successful future.