Midlands-based manufacturing business optimistic following support of Bounce Back Loan

Sunday, 30 August, 2020 - 09:00

The Flashings Factory, a sheet metal manufacturing company based in the West Midlands, has a positive outlook following support from the Bounce Back Loan scheme as well as an increase in demand.

At the outset of the pandemic and the beginning of the lockdown, many, if not all businesses, were faced with new challenges and changes to the way they worked. The Flashings Factory is no different.

The business, which celebrates its 10-year anniversary this month, offers a range of metal products and services to diverse customers across the UK. However, challenges brought on by the pandemic meant that the business had to adapt to new ways of servicing its customers. At the start of lockdown, many construction sites closed overnight, businesses were forced to furlough staff, making even the smallest demand more difficult to manage.

Pete Booth, Managing Director at The Flashings Factory, said: “Our primary concern was the safety of the business and welfare of our team,”

“We expected to close our doors but, fortunately, even with some members of staff furloughed, we remained open and have been continuing to support our customers throughout the lockdown.” He added.

As with most businesses, The Flashings Factory experienced new challenges from the outset of the lockdown. Though business initially slowed, The Flashings Factory’s primary market of industrial roofing and cladding components was quickly replaced with more smaller home projects, such as garden rooms and other outdoor structures, like equestrian and training mirror projects. With some construction continuing, companies found themselves without supply lines as some manufacturers locked down completely. The Flashings Factory were there ready to help.

Cashflow has been one of many long-term consequences of the pandemic and subsequent lockdown. To help manage this, The Flashings Factory applied for a Bounce Back Loan (BBL) with Skipton Business Finance.

Mr Booth commented:
“We already had a strong relationship with Skipton Business Finance and so felt confident that they would support us with a loan,”

“The loan was extremely easy to apply for and we were really pleased to see that we had access to the funds within 24 hours of applying.”

Lisa Ellson, Relationship Manager at Skipton Business Finance, said:

“We were able to provide additional support by means of a Bounce Back Loan which allowed the business to manage the new demands brought on by COVID-19 and we are happy to have supported the business through a challenging period.”

The business initially experienced a decrease in turnover despite continuing to work. With fewer projects and tighter margins, the business used the Bounce Back Loan to pay off machinery that was on purchase finance to cut monthly overhead costs.

Although the past few months have been challenging for the business, the future is looking positive with the business now working with many new customers on a variety of new and diverse projects.

“We have always been a business that is focused on our customer’s needs. Working hard providing a service to support those needs. We pride ourselves on quick turnaround and always being available for our customers from early till late every day.” Mr Booth added.

“The future is looking positive for us and after a challenging few months, we have a strong team, working with new and existing customers, working hard to maintain our high levels of service.” He concludes.

The Flashings Factory has had an Invoice Finance facility with Skipton Business Finance since 2017.

 

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The Flashings Factory is a sheet metal manufacturing business based in Walsall. They offer a range of metal flashings products primarily for the use of industrial buildings. The business was set up by Managing Director Pete Booth and his partner in 2010 and is celebrating its 10 year anniversary this month. Find out more about The Flashings Factory here.

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Skipton Business Finance Limited, a wholly-owned subsidiary of Skipton Building Society, is a Factoring and Invoice Discounting company. Established in 2001, Skipton Business Finance provides financial products ranging from Invoice Factoring, Invoice Discounting, and its award-winning My White Label solution. Skipton Business Finance is also an accredited lender of the Enterprise Finance Guarantee Scheme. It continues to be a UK-leading financier in the Invoice Finance market and is keen to maintain its position as a major, client-focused organisation in the UK.

 

 

 

Want to know more?

Please contact Ed Carney on 0113 242 3237 or email info@skiptonbf.co.uk for further information.