Just over a year on from securing a six-figure funding solution, an Essex-based air conditioning and refrigeration contractor has happily parted ways with its funder.
As a result of successfully obtaining new contracts, delivering an investment programme focussed on improving technology and recruiting additional employees to cope with demand, the firm has found itself in a good cash position. Thanks to the funding facility, the firm was able to make key investments and now have no current need for additional cash flow support.
J.C. Watson Mechanical design and install air conditioning and refrigeration solutions. With over 40 years’ experience in both the public and private sector, the business provides services to local authorities, the NHS, as well as businesses. The director had ambitious plans to invest back into the business, with the challenge being how to fund them.
With insignificant cash flow to achieve growth they required a funding facility which could provide the flexibility they required to implement the different stages of their plans. Having been introduced to specialist invoice finance provider, Gener8 Finance, they successfully secured a £200,000 cash flow funding facility in February 2019. This soon increased to a £350,000 facility to reflect the success of the business. Gener8 tailored a funding package designed to boost the firms’ cash position and support growth by utilising working capital otherwise tied up in unpaid invoices from their customers.
John Lyman, Director at J.C. Watson Mechanical, said: “Our funding facility with Gener8 has been fundamental in supporting the ongoing cash flow requirements to make vital investments in key areas of our business. Their support and flexibility have now placed us in a strong position for the future. We no longer require cash flow funding but wouldn’t hesitate to recontact Gener8 should the business require additional cash in the future. We really can’t recommend their services enough.”
Tansy Cunningham, Head of Business at Gener8 Finance, added: “It’s been a pleasure to support John and the team at J.C. Watson Mechanical as we have watched their business grow and succeed. Their story is a fantastic example of how our funding solutions can support businesses through challenging periods of investment and come out of the other side stronger. Working closely together over the past year we have been able to identify opportunities for further support, whilst now recognising the time has come whereby the firm is in a good enough position to continue without additional funding. We wish all at J.C. Watson Mechanical the best of luck for the future and are thankful for a great business relationship with another successful client.”
Gener8 Finance, who are part of the 1pm Group of Companies, remain open for business and available to support credit worthy British businesses through the coronavirus pandemic with cash flow funding facilities ranging from £50,000 to £1m. Collectively the Group provide access to a multi-product range of business finance solutions from invoice finance, asset finance, commercial loans through to vehicle finance.