Lloyds TSB Commercial Finance: Case Study
"Lloyds TSB Commercial Finance structured the optimum set of facilities to meet the high debtor and stock levels associated with Premier Contract Cleaning’s expansion"
CASE STUDY: Steve Slinn, Premier Contract Cleaning
Steve Slinn is a business man who set up a cleaning business – Premier Contract Cleaning – in 2006 in order to build a fast-growing enterprise. He wanted to capitalise on the rapidly expanding industry which is expected to be worth £5.7 billion in five years time.
Steve’s business was an instant success, and it was set to boom with the offer of a contract with supermarket giant, Iceland. However, if not for his foresight regarding financing such a project, his cleaning business could have gone down the pan. Instead of shelling out the cash for the supplies and extra staff necessary to embark upon such a big job, Steve decided to use invoice finance as a means of quickly releasing the value tied up in the company’s sales ledger.
Lloyds TSB Commercial Finance structured the optimum set of facilities to meet the high debtor and stock levels associated with PCC’s expansion.
Steve said: “Readily available cash is crucial for a business like PCC, particularly as we look to grow. The Iceland deal is a major step forward for us but it’s of course crucial that my ambitions for the future of the company aren’t curtailed through a lack of cash.”
Steve’s foresight is paying off – the business is using the contract with Iceland and the new funding agreement with Lloyds TSB as a spring board to further success.
Steve is flying high and confident that he has the financial flexibility required to drive PCC’s turnover up to £3 million by 2009.