SoilEx, an environmental construction waste management specialist based in Harpenden, has secured a £450,000 invoice finance facility from independent lender Time Finance to support its next phase of growth.

The funding will be used to expand services to construction clients, including soil and waste testing, removal and complex remediation work. The business, which says turnover is doubling year on year, plans to use the facility to underpin new contracts, recruitment and equipment purchases while maintaining prompt payment to suppliers.

Founded in 2019 by managing director Alex Collman, SoilEx was set up to address demand for an integrated consultancy and contracting offer aimed at more sustainable and cost-effective construction.

Collman said: “Invoice finance has always been a valuable solution for SoilEx. Processing contaminated waste is expensive and when we launched, invoice finance aided cashflow for us to get off the ground.

“It has been a crucial part of our financial planning and growth since. We often need to mobilise large contracts quickly and we need capital to be able to facilitate delivery. invoice finance allows us to seize more opportunities and be less cautious.

“As with many industries, construction is known for late invoice payment; we often find ourselves being paid outside of our payment terms but we are determined never to pass that practice on to our own suppliers. invoice finance makes prompt payment possible, and paying our suppliers on time has helped build our reputation, and helped grow our client base.

“Having used another finance provider in the past, I moved to Time Finance because they spoke my language. Everything moved quickly and felt very straight forward. Knowing the funding is there for us to draw down whenever we need it gives me peace of mind.”