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Invoice Finance

The journey to finding a new lender

When an existing confidential invoice discounting provider alerted Gas-Elec Group that it would be closing its funding line to focus on larger businesses, the firm needed to quickly find another lender to replace the facility. The business was put in touch with Evolve Business Finance and a solution was quickly found.

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Towards the end of 2023, Gas-Elec Group was informed that its existing invoice discounting provider was having a change of strategic direction and could no longer supply the ongoing facility it needed. Because the incumbent lender had worked with Evolve Business Finance for over ten years, it recommended the specialist finance broker to Gas-Elec Group to help the process of finding an alternative lender.

Stefan Radymski from Evolve got a detailed understanding of Gas- Elec’s business and found a lender that was aligned in terms of style of business and culture – and was able to provide a better facility than the previous bank, covering up to 70% of customer invoices rather than just 60%.

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What our client said

ANot only did Stef exceed our expectations by finding a lender that provided better terms, but he also went above and beyond to ensure our operations ran smoothly, even securing additional temporary funding to accommodate our requirements over the Christmas period. Working with Stef has been a pleasure, and we look forward to continuing our partnership as we seek further funding to expand our business!

Steven Dearlove, Finance and operations director at Gas-Elec Group

What we thought

AAssisting Gas-Elec Group during its critical transition period was certainly a testament to the power of tailored financial solutions. Understanding the business’ unique needs allowed us to secure not only a suitable replacement but also to negotiate additional support during the seasonal shutdown. Simon Holian at Time Finance really pulled out the stops to help the client and it’s great to see how our collaborative efforts are contributing to the Gas-Elec Group’s continued success.

Stefan Radymski, Director of Evolve Business Finance

About Gas-Elec Group

Established in 1996, Gas-Elec Group pioneered the concept of having specially-trained engineers to carry out both combined gas and electrical safety inspections for landlords, letting agents, homeowners and businesses across the UK. It now also provides a range of gas and electrical products and services, including boiler servicing, home buyer reports, CO/smoke alarms, Legionella testing, EPCs, and boiler/heating installations and repairs. Gas-Elec Group operates nationwide through 2 regional offices, that deliver a personalised service from local engineers.
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