Time Finance has provided a specialist £650k asset-based lending facility to engineering firm, SpeedFlex, to enable its future growth plans.
The multi-product solution consisted of a £250k confidential invoice finance facility, and a £400k asset finance facility.
It allows the business to invest in its operations and prioritise growth plans.
Based in Stourport-on-Severn, SpeedFlex Engineering specialises in the production of components for the aerospace, automotive and gas turbine industries.
Having grown turnover from £500k to £1.6m, the business required an injection of funding to help fulfil its ongoing growth strategy. To do so its managing director, Stephen Dunstall, wanted to utilise the existing assets within the business. He consulted The Director’s Choice for additional support, which recommended Time Finance.
The independent SME lender packaged an asset finance and invoice finance facility that would address Dunstall’s immediate funding needs, whilst simultaneously proving SpeedFlex Engineering with investment for future growth.
Sam Evans, regional sales manager at Time Finance, said: “We were thrilled when SpeedFlex Engineering was referred to us. Collaborating with Rob Walters from our invoice finance division to see the transformation of cashflow worries into strategic business growth plans is exactly what we aim to do here at Time.
“We moved quickly to ensure a quick resolution prior to the Christmas break, ensuring all financial overheads were met as trading slowed.”
Dunstall added: “The team at Time Finance work differently to other lenders. They have a human approach to the solutions they provide. Working with Rob Walters and Sam Evans was easy, they are personable, friendly and we had open and honest conversations about my needs, the needs of the business and my plans for the future.
“They turned both the invoice finance and asset finance deals around in just three weeks. Nothing was too much trouble and the whole thing happened really smoothly.”
Pictured (L-R): Anthony O’ Neill, business development director at SpeedFlex Engineering; Sam Evans, regional sales manager at Time Finance and Stephen Dunstall owner of SpeedFlex Engineering
