We spoke to distribution company, New Guard Coatings Ltd, about their partnership with us and how the business has developed within this period. Ben Cooper, Group Managing Director at New Guard Coatings and 3rd generation, was happy to speak to us about the benefits of having an Invoice Finance facility.
Established by father and son in 1977, New Guard Coatings is a protective coatings (paint) distribution business which offers a wide range of coatings to a number of industries. The business has offices in the UK, Ireland and USA.
Recommendation
The business began funding with Skipton Business Finance in March 2018, when they decided they would require some support in their plan to begin expanding. “We started funding with the set up of an account for Industrial Paints and then later set up an account in September 2018 for the East Midlands plant,” said Ben.
As with a number of clients at Skipton Business Finance, Ben was recommended by a contact. “Before we started working with Skipton, I had spoken to Martin Bell, a financial advisor from Red Sky about our options,” said Ben, “He recommended Skipton and put me in contact with one of their Regional Directors.”
The Funding Gap
Since funding began, New Guard Coatings has been able to make some crucial developments to the business. First they were able to buy another company, ACE Coatings South, and were later able to purchase new property for Industrial Paint Supplies (Hull) Ltd - which is now the largest site in the country for their industry.
Although the business was developing at a steady rate, the company found itself in a rough patch in June 2018. Where a high street bank wasn’t able to support as well with their standard funding products, Skipton Business Finance offered a quick solution for the business. [quote:0] “We had a funding gap which left us with a shortfall of £40,000,” Ben recalls, “The team at Skipton were able to process the funding within 24 hours, which meant that we could carry on business as usual and turned what could have been a big issue into a minor hiccup that was resolved straight away.”
“I cannot fault Skipton for the service we have received. With them, it doesn’t feel like we are dealing with a bank. Anything I needed was no problem at all and the response time was superb. Lisa and Steph were my main points of contact, going above and beyond for anything we needed.”
The business has gone from strength to strength and is now looking to expand further across the UK, aiming to reach a wider audience of customers.
“Our aim now is to keep expanding. We want to achieve full UK coverage, allowing our drivers to make deliveries within an hour.” Ben added.
Trust
On reflection of the partnership, Ben gave some advice for businesses that might be looking for funding.
“For me, it is important to have contacts that you can trust both internally and externally. Accessing funding for your business is not a decision to be taken lightly, so you want to make sure that you are making the right decision. It’s also important that you choose a business that you enjoy working with,” Ben added.
“As we have been treated so well, I have no qualms in recommending Skipton, as their help has made an unbelievable difference."
This is one of many businesses that we work with that has been able to increase its output and expand in areas such as locations and turnover. By having an Invoice Finance facility in place, New Guard Coatings was able to purchase a new business as well as new locations across the country. We are proud to have supported the business through this growth and success.
You can find out more about New Guard Coatings Ltd here. If you would like to find out more about how Skipton Business Finance can support your business, please contact us on 0800 0854150 or 0330 1232437. Alternatively, you can email us at info@skiptonbf.co.uk.