Creating growth opportunities

Since its creation in 1985, Metaltech Ltd has expanded from a metallurgical consultancy firm to service and product offerings ranging from mechanical testing, material property evaluation and failure analyses.

Despite its successful and expanding nature, Metaltech was put in a difficult position when one of its major clients went into liquidation.

It seemed as though they were about to lose not only a client, but a substantial amount of their receivables.

The firm found that it was now lacking the required capital expenditure needed to progress an ambition of a laboratory move. Furthermore, the resulting bad debt meant Metaltech were left experiencing a cash flow shortage. Metaltech had to find a solution to their lost revenue stream and had to find one fast.

It was at this point that Louise Scott, Managing Director at Metaltech, was introduced to Invoice Finance as a potential solution by Lloyds Bank. Louise recalls "I had not used Invoice Finance before but I knew I had to do it for the company".

Metaltech Services logo

Although Metaltech had never used any Invoice Finance products prior, Louise notes that the process was very easy and the support provided by Lloyds Bank has been fantastic.

"I always feel supported and if I am worried about asking a question, Lianne Conklin and Nicola Turner [Invoice Finance Relationship Managers] always make me feel like there are no stupid questions. This gives me the confidence to ask about anything I need and helps point me in the right direction," said Louise.

By using Factoring with Debtor Protection, the money collection process and cash flow have improved tremendously for Metaltech. For Louise, this has meant peace of mind, as the product has resulted in quicker customer payments with less chasing on her part. Since applying Invoice Finance, the company's initial challenge has been successfully overcome by covering the shortfall, and has allowed for a stronger financial position overall.

Metaltech found the experience with Lloyds Bank very positive and, working with Lianne and Nicola, the business has been able to flourish and grow, generating further opportunities and sustain the cash flow needed to get back on track.

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