Home Kent Business County News Article
A manufacturer expects to double its growth this year after getting support from its bank to grow in line with its forecast.
Air ventilators producer Waterloo Air Products will be able to cope with increased demand after finding a way to keep cashflow running smoothly with Lloyds Bank.
The Aylesford-based firm has its fullest order book for three years – doubling in 12 months – and will use its increased invoice discounting facility to bridge the gap when paying for additional labour, suppliers, capital expenditure and everyday issues.
They can continue to invest in new projects rather than waiting for payment from clients before doing so.
The company increased turnover by 12% during 2013 thanks to major projects at the 10-storey Library of Birmingham and Marks & Spencer’s Pantheon store on London’s Oxford Street.
It took on seven new staff and added a further 15 temporary employees over the summer to help with additional projects.
The new finance deal with the bank means it can grow by a predicted 23% in 2014.
Waterloo finance manager Kate Searles said: “With the help of Lloyds Bank, we are able to support these opportunities for growth with the increase in our invoice discounting facility that allows us instant access to cashflow.
“We do not have to wait on payment from clients, which can take up to 65 days.”
Founded more than 100 years ago, Waterloo has a 15% share of the air terminal market.
Lloyds Bank Commercial Finance client manager Bethan Wright said: “Our latest Business in Britain survey reported that business confidence has hit a 20-year high nationally reflecting rising expectations for orders, sales and profits over the next six months.
“Invoice financing can be a useful tool for companies with ambitions for growth as it allows a business to draw money against its sales invoices before a customer has actually paid.
“Waterloo specialises in the production of air ventilators and have many years of experience in the field. The increased review limit will support the company with its ambitions for continued growth and ever increasing projects.”
Click here for more news from Kent Business.
Click here for more news from around the county.