Factoring Blog – Small business Finance news

Recovery and restructuring group Leonard Curtis has secured a £5 million funding package with The Co-operative Bank to finance a national expansion of the business.

The Leonard Curtis group, which employs 150 people across 8 offices including Manchester, London, Birmingham and Bristol, will also use the funds to grow the turnaround and debt advisory division, Corporate Strategies.

Paul Reeves, Business Development Director at Leonard Curtis said: “We have an exciting vision for Leonard Curtis and for Corporate Strategies and securing this funding package means we will be able to turn it into reality.”

“With so many businesses struggling with issues like Crown arrears; finding access to funding difficult or experiencing cash management problems often due to bad debts – we have seen unprecedented demand for debt advisory services. It’s a part of the business that has been growing strongly and we will now be able to accelerate this process.”

The funding package follows the recent key appointments and was arranged by Stephen Fishburn at The Co-operative Bank in Manchester.

Insolvency of a large client and/or bad can devastate many businesses but preparation for such an event is not solely in the hands of trade credit insurance. Although valuable, as other Factoring Finance blog posts point out Debtor Protection is not a get out of jail free card and both precautionary and reactive measures need to be considered and put in place before debt goes bad.

Services like outsourced credit control and business credit reports can help spot warning signs of customers getting into financial difficulty and when combined with products like factoring or invoice discounting, adequate provisions can be put in place to ensure invoices are paid on time, late payments and therefore bad debts are kept to a minimum, and for when you couldn’t of done anything else, debt recovery and/or debtor protection can be used.

The key message is plan ahead first and plan fast as when it comes to getting your business protected from late payments and bad debt the phrase, “Act in haste, repent at leisure”, need not apply.

For more info on invoice discounting and invoice factoring or a quote on the best deals from numerous small business finance providers, pick up the phone or use our ‘Am I eligible’ tool via the site for further details. Liverpool Factoring Finance broker has a UK wide, independent broker network able to source the best deal for you and as such, we are not tied to any one provider, or bank!

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