Castle Business Finance has helped take new business Vango Transport into top gear thanks to finance solutions that work.
After a successful career as a market trader in London, Peter Coath could see the decline of the high street and was looking for a new business opportunity. With an increase in online purchasing, Peter spotted the opportunity to move into delivery instead.
In late 2018, Peter set up on his own. However, one of the first issues he faced was funding his new business when he was reliant on customers with longer payment terms.
Peter explained: “When I was running the market stall as soon as I sold something I would receive payment immediately, and so it was a big step to having to wait for payment. That meant that I couldn’t run my business or pay my own invoices until I was paid myself.”
When looking at his options to finance this new venture, Peter was introduced to invoice finance through factoring, and was recommended Castle Business Finance.
“I’d never heard of factoring before and was introduced to it by a colleague in the industry. It seemed alien and scary at first but I knew it would solve my problems as otherwise there would have been no way to afford my own food or fuel.
“Since I started using Castle for funding, my business has been growing steadily. Castle’s factoring offering is really good value for money and one that I will continue to use as I grow the business. Administration was never really my thing and the service they offer means that they will chase the invoices for me, allowing me to spend more time on the road. Castle make it easy for me and they understand my business.”
Jeremy Coombes, Managing Director of Castle, added: “For many businesspeople whilst they know their own business and markets, finance isn’t a strength. Many people instinctively shy away from it or expect lending decisions to be an automatic ‘no’ for new ventures.
“However, this doesn’t always have to be the case as we’re independent of the high street funding sources and have the autonomy to be able to make our own decisions. Finding the right finance solution, like Peter has, doesn’t have to be difficult and can often even make your life easier by letting us handle your customer payments, allowing you to focus on growing your business.”
For more information on Castle Business Finance, visit www.castlebusinessfinance.com or call 01275 390660.