Invoice Finance news – Liverpool firm sees growth

Liverpool- based ‘Work Wear North Ltd’ set for growth after securing an invoice factoring facility

A Liverpool based supplier of work wear clothing is poised to launch new branches and an ecommerce shop, after securing an invoice factoring facility.

Worker Wear North stocks a wide range of work related clothing from outdoor based  high visibility clothing and safety footwear, office based uniforms and corporate clothing, through to industry specific attire for the catering, hospitality, healthcare, and beauty therapy sectors.

The business supplies brands such as Caterpillar and Helly Hansen and services many contracts in the North West including the Sefton Council, Liverpool Housing Trust and United Utilities. The business operates from a retail unit in Liverpool and has been trading since 2008.

The firm sought to acquire a £50,000 factoring facility in order to build up stock levels and capitalise on increasing demand. The invoice factoring facility will release the tied up value of the firm’s sales ledger and reduce the gap between sales invoices going out to customers and being settled.

As a result of the invoice finance funding Worker Wear North now plans to roll out an expansion strategy which includes two more retail branches along the M62 corridor. Plans are also being evaluated to open a shop in Manchester in the next two years.

Chris Brown, of Worker Wear North, said: “Despite business slowing down during the recession, by adding value to our output we were able to capitalise on changing demands. Marketing and brand awareness moved up our customer’s agendas, which meant that the demand for our in-house embroidery service increased as a cost effective way to promote corporate identity.

“The factoring facility has allowed us to develop our account portfolio and progress with our expansion plans with an improved cash flow.”

For details on how Invoice Factoring or Invoice Discounting can release the value locked into your sales ledger and avoid the impact of late payments, improve cash flow and perhaps fund growth simply get in touch or request a call back via the contact page of the site.

Invoice Finance can also be combined with services such as outsourced credit control and bad debt insurance to reduce the likelihood of late payments and the impact of non payers on your business.

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