By the purest of co-incidence we have been approached by a company who had a factoring facility with Close plus a trade finance facility with Fairfax Gerrard. It would seem that the trade finance company have cash flow problems of their own and their inability to continue to provide trade finance has put a lot of financial pressure on the company. Judging by other telephone calls that we have received this company is not the only one suffering due to their relationship with Fairfax.
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.