Before funding, My Homecare Yorkshire struggled with limited employee numbers, hindering the business's opportunity to expand. Fastforward 18 months later and the company has tripled its employee numbers and is looking to expand across Leeds.
Background
My Homecare Yorkshire is a healthcare company which offers homecare services to residents in Leeds and the West Yorkshire area. Its services include personal care and medical assistance, befriending, palliative care and mobility assistance among a number of others. The company also has branches in the North East, Midlands, Scotland and Wales among many other locations.
Challenge
In 2017, before My Homecare started its partnership with Skipton Business Finance, the company struggled to pay staff, as wages were paid in advance of receiving payments from clients. This meant that My Homecare could not take on more staff, as payment dates cased issues for the company's cash flow. Struggling to expand to its desired reach, the company began funding with Skipton Business Finance.
How we helped
My Homecare started its partnership with Skipton Business Finance in November 2017. By having an Invoice Finance facility in place, it allowed the company to take on more staff, subsequently increasing employee numbers by 200%, up from 20 to 60 employees within the funding period. Director of My Homecare, Glyn Jepson, said: "Our partnership with Skipton Business Finance has helped us massively,""It allowed us to take on more staff, which of course allowed the business to expand at an increased rate."Jepson described the company as having increased its output "fourfold" and its cash flow "drastically".
"Our relationship with Skipton went very smoothly," "Caroline (Senior Relationship Manager) helped us set up the facility and was always available for support throughout."
After funding
Following a very successful 18 months of funding with Skipton Business Finance, My Homecare decided to end its facility as it is now able to self-fund and continue to expand across the Leeds area.
"Everyone was very helpful when we decided to end our facility with Skipton,""All the options were set out to us which made it an easy and stress-free process" said Jepson.
Closing your cash flow gap
Having an Invoice Finance facility in place can help your business plug the cash flow gap. It can allow your business to work efficiently and productively, without the worry of a lack of funds. Invoice Finance allows you to gain access to your unpaid invoices without having to wait 30, 60 or even 90 days for your customers to pay you.
You can choose from Invoice Factoring where we look after the credit control process for you or, alternatively, Invoice Discounting where you are in charge of the credit control process. If you would like to find out more information regarding our Invoice Finance options, please email info@skiptonbf.co.uk, or alternatively call 0800 0854150.