M&J Transport Limited

Service(s): Commercial & Asset Finance
Sector: Logistics

Prior to involvement with First Financial, this £3m turnover company was funded through a small overdraft (£30k), provided by a high street bank. The facility level put a huge strain on the company’s cash flow, but the director / shareholder had no awareness of the invoice finance market. 

First Financial was approached directly by the bank and asked to find an invoice finance provider (their own in-house team did not want to do it), to enable the overdraft to be repaid. We spent a day on-site with the owner and prepared a Fundability Review, in a format specifically designed for the invoice finance industry. This enabled First Financial to supply potential lenders with all the information required to make a decision as to whether or not they could do the deal, thereby significantly cutting down the timescales involved in re-financing the business. 

An independent factoring and discounting company based in Manchester was chosen from a shortlist of three providers put in front of the owner. They provided a Confidential Invoice Discounting facility with an advance rate of 85% and a funding limit of £175k. This enabled the overdraft to be repaid and allowed the business much more flexibility in its day-to-day cash flow.

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