Industry: Building Services.
Facility Size: $1M.
Background: For over 10 years, this business held a unique position in the civil and building industries as a ‘one stop shop’ combining labour hire, equipment hire and transport. Unfortunately an ongoing issue of arrears with the ATO resulted in a wind up notice being issued. With an urgent requirement to sort out this matter, but also to push onwards in growing the company, directors sought a solution to release the longstanding pressure on cashflow.
The solution came in the form of a factoring facility that enabled access to up to $1M of funds tied up in unpaid invoices. The directors were referred to FactorONE by a law firm and the facility established within 7 days of first contact. The multifaceted business was able to get ATO obligations under control, fund future labour hire needs and gained the ability to take-on new contracts.
FactorONE is keen to support the high expected growth trajectory and ensures that the business has the working capital required to manage this accordingly.
