In an effort to slash costs we hear that the Manchester operation centre is also being closed with the decision being taken in the same month as the announcement that Ian Steward had been appointed Managing Director of Close Invoice Finance in the North. 

We’re not quite sure what he is Managing Director of now

The company that we introduced realising the urgency of the situation did their fact finding visit straight away and discovered that there had been breaches of the factoring agreement but sensing that the underlying business was sound they decided to put the deal forward for approval by the credit commitee which was due to meet on Monday 30th March in order to approve the offer of a facility.

Unfortunately Close couldn’t wait one working day and appointed an Administrator on Friday 27th March. It’s quite a sad state of affairs as we thought that the business was salvageable but no doubt by the time the factoring company has charged a load of extra fees and the Administrator has had his whack there won’t be anything left for anyone.

This isn’t the first story that we’ve heard about the ultra hard line being taken by this particular factoring company since the new MD took over and whereas once upon a time they used to have a fine reputation for service they are no longer on our approved list and haven’t been for some time.

We put it to the company that whilst we could possibly source a replacement trade finance facility they would also want the factoring too as that would be their security and were told that this had already been discussed with Close who would reluctantly release the company from it’s factoring facility as it would be in the best interests of the company.

It’s good to see that in this day and age there are still companies that will “do the right thing” so plaudits to Close Invoice Finance who have shown up Bank of Scotland for the greedy concern that they are.

Ian

http://www.tradefinance-uk.co.uk

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We were approached by a company last week that was looking for a factoring facility and having read our website they were interested in our recommendations. The MD mentioned that he had already approached Cattles Invoice Finance on the basis that they were award winners to which my response was that almost all factoring companies were award winners somewhere or another.

Looking at the factoring and invoice discounting companies’ website I noticed that Cattles were proudly proclaiming to have won the Business Innovation of the Year award at the National Business Awards’ North West regional finals.

Moving onto Close Invoice Finance and they are claiming the Business Moneyfacts Best Factoring and Invoice Discounting Provider award for the third year running whilst Venture Finance are the winners of the Credit Today Factor Discounter of the Year for the second year running.

Perhaps the most amusing website is that of Bibby Factors where they are proud of the fact that they were voted best factor and discounter by NACFB 2003 2004 2005 2006 thus prompting the question “What happened in 2007 then”

In addition to the above I went to the annual Dealmakers Dinner late last year which included an awards ceremony and GE Commercial Finance managed to win the Dealmakers Asset Based Lending award of the year.

I have no doubt that the clearing bank factors have also won a shelf full of awards between them as I seem to recall that Lloyds TSB was the victor at the Dealmakers Dinner in the previous year.

Oddly enough we introduced the prospective client that started me thinking about awards to one of the few factoring companies that doesn’t seem to have won an award at all even though they consistantly offer an above average service at competitive rates.