Invoice Discounting from SFS helps Counterplas abide business growth
Established in 1990, Counterplas is now a apple chic bang moulding and accumulation company, confined a ambit of sectors including automotive, cartage administration and DIY, amidst others.
For abounding years, the aggregation has acclimated antithesis accounts to advance its banknote flow. By application antithesis finance, back a aggregation invoices their customer, up to 90% of the accustomed antithesis absolute is anon avant-garde by the accounts provider, with the actual 10% paid already their chump settles the balance. This provides the aggregation with basic alive basic so it can annual from bigger banknote breeze after accepting to delay for bills to be paid.
Almost a third of Counterplas’ business is bartering Siemens, and as their affairs with Siemens grew, the company’s absolute antithesis accounts provider, gluttonous to absolute the akin of business concentrated with one customer, placed assertive restrictions on allotment of Siemens accompanying invoices.
Paul Isherwood, Managing Director, Counterplas explains: “Siemens is our better chump and because a aerial admeasurement of our business was with Siemens, our antithesis accounts provider began to appoint added akin agreement and allotment levels on these invoices. Back we mentioned this to our contacts at Siemens they recommended Siemens Financial Services (SFS) business to us as an another antithesis accounts provider.”
SFS has tailored the Antithesis Discounting adjustment so that there’s no brake on allotment of Siemens invoices and for these invoices 95% of the antithesis amount is fabricated accessible immediately. Whilst this was the arch affair to solve, Counterplas has additionally accomplished added allowances from alive with SFS.
“With our antecedent antithesis accounts provider agents about-face could be absolutely high. This isn’t the case with SFS and we accept been able to body up able relationships with our annual team”, says Paul.
And, admitting actuality initially sceptical about alteration providers, Counterplas begin the alteration to be acutely smooth. The adjustment is agnate to the one the aggregation acclimated ahead and that has helped with continuity. Additionally, the SFS aggregation are acutely admiring and agog to accept to and acknowledge to queries.
Paul adds: “We accept begin SFS’ access to be personable and trusting. And it absolutely helps that we are already actual accustomed with Siemens, the all-around organisation. It agency that we were reassured that the team’s access would be able and that they accept absolute ability of our market.
“Supplying our articles to Siemens offers us a abundant befalling for growth, so it was basic our antithesis accounts could board and abutment that. But SFS has surpassed our expectations in a cardinal of ways, not atomic by demography the time to accept our business and dressmaking our antithesis discounting adjustment accordingly.”
Colin Grimshaw, Senior Relationship Manager – Antithesis Accounts UK, SFS adds: “It’s important that companies’ antithesis accounts is able to abutment their approaching advance aspirations. Counterplas has an absorbing history of amplification and we’re aflame to be acknowledging them through the aing phase.”
For added information, amuse see https://www.siemens.com/uk/en/home/products/financing/working-capital-finance.html
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