Independent Growth Finance (IGF) has issued a £7.5, funding agreement with civil engineering and railway company Specialist Engineering Services (SES).
The SES client portfolio includes Network Rail and Transport for London. TEi, a engineering manufacturing and installation organisation, was acqured by SES in 2004. SES is changing invoice discounting finance provider after experiencing cash flow challenges in 2017.
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Dave Hyland, managing director of SES, said: “We very quickly came to the end of our journey with our existing provider of invoice discounting finance. Despite being a successful group turning over £40m to £50m every year, when we needed their support and flexibility the most, they could not provide the service we needed. Inevitably we went on the search for a new financier. We needed a funder who offered us not only quick and flexible funding, but more importantly a partnership.”
SES Holdings intends to utilise Independent Growth Finance to restructure the group’s finance and support ongoing working capital. IGF will provide SES with £2.5m invoice discounting and TEi £5m.
Richard Spielbichler, asset based lending director at Independent Growth Finance, said: “Companies across all sectors need to adapt and evolve at stages during their lifetime. In many instances it is due to growth or expansion.
“Sometimes however those situations are forced upon companies and they immediately turn to their lending partners for advice, support and funding. At IGF we have genuine empathy for companies with entrepreneurial spirit who come to us to discuss ways to adapt. Providing SES and TEi Ltd with a total of £7.5m invoice discounting to enable a financial restructure was a straight forward decision for us. Ultimately it has allowed both companies the freedom to continue prospering and innovating.”
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