We were approached yesterday by a company who had an invoice discounting facility with one of the well known independents for a short while but who had upset them by not passing on a substantial payment from a customer. This had been discovered in audit and the factoring company were so upset that they told their client that they had three days to repay the total investment otherwise an Administrator would be appointed.
The only way that the investment was going to be repaid was to switch factoring companies but there aren’t that many that could move quickly enough. Always up for a challenge we contacted a factor that we know can move quickly at 2:00pm and they were at the company’s premises by 4:00 and had left an offer in principle by 6:30pm last night.
Watch this space…!