Financial security for AD2000
Surrey security firm, AD2000 Services Ltd, has secured an Invoice Finance facility and Bad Debt Protection, through independent Invoice and Asset Based Lender, Venture Finance. The deal will allow AD2000 to meet its payroll demands whilst providing protection against unpaid invoices.
Venture provided the Sutton-based business with a Factoring funding facility which provides finance against outstanding invoices. The company was previously with another invoice financier who was unable to provide adequate protection. Venture was able to provide the flexibility in funding and cover to enable an increase in cash flow available, allowing the company’s security guards to be paid on time.
Alan Millard, Managing Director of AD2000, explains, “Our top customer can often provide up to 60 per cent of our business which means that a substantial number of security guards are working for them at any one time. The funding allowed us to increase working capital and provided protection for us, and our workforce, against any unforeseen late payments”.
AD2000, provides a range of security services, including static security, mobile patrols and events security, for clients including corporate bodies, business estates and government departments as well as private companies.
Mr Millard adds, “In the past, it has proved difficult for us to find a lender we are happy with but Venture has been excellent, they increased the level of funds available to us and took on responsibility for any potential debt.”
Owen Bradbrook, Business Development Manager at Venture Finance, comments, “Many lenders won’t provide cover to companies where one customer carries so much weight but, by working to fully understand the client, we were able to help AD2000 and increase the level of finance available. This will make the day-to-day running of the business easier as well as enabling the company to look towards growth”.
Read more at www.venture-finance.co.uk