Close Invoice Finance used to have a good reputation for service but things seem to have changed in recent years since the new broom took over the hot seat as we are hearing about rumours of discontent amongst staff to the extent that senior staff are leaving, substantial losses being taken in one of the […]
Category: News
Factoring and Insolvency Practitioners
We have long been dubious about the ever increasingly cosy relationship between factoring companies and the insolvency profession with factoring companies seemingly ever more likely to appoint Administrators to their clients and insolvency practitioners in turn setting up broking divisions to introduce new clients to the factoring companies in a mutual back scratching exercise which […]
Alliance Boots Screws it’s Suppliers
The pharmaceutical retail giant with 3,000 stores in the UK has horrified it’s suppliers by writing to them all to change their payment terms to 75 days from the end of the month in which the goods have been delivered. This means that they could be taking credit of over three months for anything delivered […]
Sainsbury Helps the Factoring Industry
Sainsbury and their Payment Terms Sainsbury has been named and shamed by the Forum of Private Business for having increased all non-food supplier payment times from 30 to 75 days. The giant supermarket has joined other well known names such as Dell and Argos who have also changed their payment terms retrospectively. I guess that […]
Independent Factoring Brokers
Independent factoring brokers – or not I read on a fellow factoring broker’s blog a warning about the so called independent advice received from some brokers and giving a warning that not all brokers gave independent advice as the ownership of the broker might dictate that introductions be made to factoring companies that suit the […]
Factoring of Prescription Charges for Pharmacies
Factoring of Prescription Charges One of the more innovative factoring companies has a scheme specifically geared to the funding of prescription charges which should prove to be useful to pharmacists and healthcare professionals who have to wait quite a while for reimbursement from the Government. Funding is available up to 95% of invoice values.
Interesting Announcement on Factoring from FPB
It was recently announced that The Forum of Private Business (FPB) had concluded an agreement to introduce their members to Cattles Invoice Finance as they claim to have negotiated special discounted rates with them. One of the claims being made is that “the discounts we have negotiated with Cattles will save our members an average […]
The Perils of Non-Recourse Factoring
Two reports in the same week concerning one of the well known high street bank owned factoring companies and their non recourse facilities. One of their factoring clients suffered a reasonably substantial five figure bad debt which was underwritten by the factoring company and as a result the factoring company reduced the credit limits on […]
Factoring Solutions in 2009
Factoring Solutions today I guess that with the banks’ reluctance to lend money and the general state of the economy it is only to be expected that enquiries for factoring and invoice discounting would be running at high levels. In the first two months of 2009 Factoring Solutions received 62% more enquiries than in the […]
A Quick Change of Factoring Company
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 […]