I spotted this company promoting themselves as the UK’s leading factoring broker in Google Adwords and as I had never heard of them before decided to have a closer look.
A rather nice website claimed the following:-
“Established in 2008, Milestone funding has assisted more than 2,000 UK businesses of all sizes to gain control of their cash flow challenges by introducing the most suitable funding solutions on the market, releasing the working capital that is fundamental to their growth.
The company has already helped thousands of businesses throughout the UK, from start-up companies to International enterprises. Milestone brokers deals from £50,000 to £10m turnover on a regular basis”
At the foot of every page of the website are the logos of Aldermore, Close Invoice Finance, Lloyds TSB Commercial Finance, Bibby Finance, Ashley Commercial Services, Hitachi Invoice Finance and SME Invoice Finance and whilst no representations are made there it is implied that Milestone are dealing with them.
I was surprised that I had never heard of a broker who was claiming to have done 2,000 deals in the last six years so I I checked out the website with Nominet, the domain name registrars, to find that it was only registered in January 2014 and the owner was David Pollard of Future House, Chesterfield S40 1SZ
Still none the wiser I Googled the address to find an interesting article about Mr Pollard stating that his previous two companies had been wound up in the public interest by the High Court for poor business practices following an investigation by the Insolvency Service.
The two companies were TAG (Chesterfield) Limited (TAG) and The Recovery Partnership Limited both traded under the name ‘The Insolvency Group and ‘The Accounting Group’ and full details can be found in this article headed Insolvency Service gets two murky Derbyshire accounting firms shut down
Link to article
I have spoken to three of the factoring companies who’s logos appeared on the website and none of them had heard of Milestone Funding so all I can say at this juncture is caveat emptor
I posted a further blog on this subject here