Turnover:
$1Million.
Facility Limit:
$300,000.
Background:
Our new client wholesales and distributes sunglasses to fashion retailers. After enjoying huge success in New Zealand, our client started a new Australian company in early 2010.
Almost instantly the larger Australian retail chains wanted to sell our clients product range. However, our client simply didn’t have the working capital to continue to supply the necessary stock because, as is so often the case, the larger the retailers required longer trading terms.
Our client realised they quickly needed a solution, or they would have to decline orders coming into the busy spring/summer season. As their parent company factored in New Zealand, they approached FactorONE for a factoring facility in Australia.
At our initial meeting with the director, we were able to provide a finance offer on the spot and the time from approval to funding took less than 10 working days.
Our client has now been able to order more stock and successfully fulfil all their orders for the busy summer months ahead.
