CCT Demolition, which specialises in providing temporary labour for demolition and asbestos removal projects, has secured a customised invoice finance facility from Optimum Finance.
This strategic move aims to address the cash flow challenges inherent in the recruitment sector, particularly within the specialised fields of demolition and asbestos removal.
Go deeper with GlobalData
Optimum Finance said it has provided a solution tailored to CCT Demolition’s needs, offering an invoice finance facility that mitigates cash flow issues and equips the company for expansion.
Invoice finance allows businesses to access funds immediately based on the value of issued invoices, rather than waiting for client payments.
The recruitment nature of CCT Demolition necessitates consistent weekly payroll for temporary workers, a requirement that was creating a significant cash flow deficit due to delayed client payments. This financial gap was further exacerbated by a shrinking workforce in the industry and rising operational costs.
CCT Demolition founder and director Aidan Tait said: “Typically, temporary staff are paid weekly, but we often have to navigate through extended payment terms when 30 days frequently turns into 60. This means we face the challenge of paying out before we get paid ourselves. That, in turn, puts our cash flow under pressure and stifles our ability to grow.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“Working with Optimum has allowed us to bridge the gap between payment cycles, and pay staff and suppliers on time, with what is effectively our own money. It enables us to further strengthen our business position and grow, without the stress or hassle of chasing payments. And as we grow, so too does our invoice finance facility with Optimum.”
Tait aims to supply between 150 and 250 temporary workers each week to meet the demand, which represents a 200% increase over the current numbers.
“We provide between 75 and 100 temporary workers a week for sites placed all around the UK, from London to Manchester, and everything in between,” Tait continued.
“Having the financial flexibility to not only operate, but train and source new candidates is critical in our onward journey, and for us to continue to grow.”
Regarding the company’s relationship with Optimum Finance, he noted that the team’s support has been exceptionally valuable.
Tait concluded: “The Optimum name came with high recommendation. They quickly understood the unique position of our business and what we needed to achieve to be successful.”
