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Finance for Carillion sub-contractors facing cash flow issues

17 January 2018

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Carillion, the second largest construction firm in the UK, was placed into administration this week. It is estimated that Carillion used the services of more than seven thousand subcontractors who will now be at immediate risk of cash flow problems.

In this article we take a look at the key issues and potential cash flow solutions for Carillion sub-contractors.

Key issues for Carillion sub-contractors

A common problem within the construction sector is an over-reliance on a single customer. In this case many subcontractors may have relied upon Carillion for a majority of their revenue.

Until this week’s announcement they may have understandably believed that this was a safe strategy, since Carillion was such a large entity carrying out many government infrastructure projects.

The collapse of Carillion means that payments to sub-contractors for work carried out and work which was forward planned is now at risk. However, these suppliers will still have staff costs, material costs and many other costs which they need to pay to continue trading.

This means that it is likely that many sub-contractors will experience cash flow issues of varying severity, leading possibly to insolvency themselves.

They may need to take on short-term finance to help them through this difficult period.

Difficultly in securing short term finance

Accessing finance is particularly critical in the short term as Carillion sub-contractors move to pick up new contracts, or continue to work with the larger construction firms who pick up contracts left void by Carillion.

However, the appetite of the banks for lending to those in the construction sector has in the past been problematic, meaning construction firms may face difficulties plugging cash flow shortages.

Flexible finance for Carillion sub-contractors

However, help is at hand. At The Funding Store we help those in the Construction sector access flexible business finance solutions to cover cash flow gaps.

We work with multiple finance providers to find unsecured business loans or asset backed finance to your requirements. With competitive rates and your repayments spread over a manageable period, you can continue to focus on running your construction business.

We also realise that you may need to access finance immediately and we can offer a same day decision and funds in your account within 24 hours.

Contact our experienced team 7 days a week to discuss the options available to you.

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Get in touch

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This article has been produced by The Funding Store for general interest. No responsibility for loss occasioned to any person acting or refraining from action as a result of the information contained in this article is accepted by The Funding Store (MK) Limited. In all cases appropriate professional advice should be sought before making a decision.

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Small businesses charged 20% interest by big banks

04 January 2018

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New research reveals that high street banks are charging some business customers more than 20% in interest, despite receiving billions in taxpayer support to ramp up lending.

In a recent article in The Times, it was reported that the financial information start-up DueDil carried out research which found that NatWest and Santander are the most expensive of the big five high street lenders.

The research found NatWest charging up to 29% for business loans through its Esme online service.

Whilst the APR on Santander’s online small business loans ranges from 4.9% to 25.9%, with directors required to put up their home or other assets as security.

Contact our experienced finance team

At The Funding Store we put you in front of multiple lenders to bring your fast, competitive solutions that meet your finance needs.

If you would like to discuss how we can help you find finance for your business you can contact us 7 days a week, or request a call back via the form on this page.

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Get in touch

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This article has been produced by The Funding Store for general interest. No responsibility for loss occasioned to any person acting or refraining from action as a result of the information contained in this article is accepted by The Funding Store (MK) Limited. In all cases appropriate professional advice should be sought before making a decision.

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SMEs fear finance tightening next year

07 December 2017

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A survey by payments giant WorldPay has found that 52% of SMEs are concerned that bank loans will not be as readily available in 2018 as they are now while nearly a third of SMEs claim to have already encountered problems finding fresh finance.

The survey also found that of the SMEs that sought funding over the last 12 months, 29% said that they were put off from going ahead because the costs were too high.

However, 40% of younger business owners say the growth of alternative finance options, such as peer-to-peer lending and business cash advances, have reduced their reliance on bank funding.

Contact our experienced finance team

At The Funding Store we put you in front of multiple lenders to bring your fast, flexible solutions that meet your finance needs.

If you would like to discuss how we can help you find finance for your business you can contact us 7 days a week, or request a call back via the form on this page.

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This article has been produced by The Funding Store for general interest. No responsibility for loss occasioned to any person acting or refraining from action as a result of the information contained in this article is accepted by The Funding Store (MK) Limited. In all cases appropriate professional advice should be sought before making a decision.

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What was in the Autumn Budget for business finance?

29 November 2017

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The changes announced for business rates and increased reliefs for R&D will be welcome news for businesses, however the Autumn Budget will probably not have a major impact on those currently feeling the effects of Brexit uncertainty and inflationary pressures.

The much-speculated lowering of the VAT threshold did not happen, which is good news for small businesses who are not required to meet the administrative burdens of VAT registration.

The Enterprise Investment Scheme (EIS) annual allowance was boosted for people investing in knowledge-intensive companies, which will be doubled, as will the annual investment those companies can receive through EIS and the Venture Capital Trust Scheme.

So, if you are operating an innovative or technology based company, this could be a potential route for raising growth finance.

Apart from the measures outlined above, there were some frustrations from the business sector that there was no increase in the allowances for businesses investment in plant and machinery such as the Annual Investment Allowance.

Overall, the Autumn Budget was fairly unspectacular, and we await to see the impact it has on supporting productivity and the economy.

Contact our experienced finance team

If you would like to discuss how we can help you find finance for your business you can contact us 7 days a week, or request a call back via the form on this page.

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Get in touch

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This article has been produced by The Funding Store for general interest. No responsibility for loss occasioned to any person acting or refraining from action as a result of the information contained in this article is accepted by The Funding Store (MK) Limited. In all cases appropriate professional advice should be sought before making a decision.

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What does the interest rates rise mean for your business? (and can you beat the rise?)

6 November 2017

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With the news last week that the base rate has been increased for the first time in 10 years it is important to assess how this might impact your business. In this article we consider the possibilities.

The base rate is the rate the Bank of England charges banks and other lenders when they borrow money. Therefore, this often influences the interest rates that lenders charge for mortgages, loans and other types of credit they offer.

Last week the Bank of England announced that the base rate would rise from 0.25% to 0.5% with immediate effect.

How will the interest rate rise impact my business?

This increase in interest rates could affect your business in three ways:

1. Customers with debts may have less disposable income to spend because they are paying higher mortgage payments. This could mean that your sales fall as a result, particularly if you are in a market that is perceived as non-essential, such luxury goods or services.
2. Firms with overdrafts may incur higher borrowing costs because they may need to now pay more interest.
3. Bank loans and finance may become less attractive with higher rates available, or with criteria meaning lower rates are more difficult to secure.

Looking on the positive side

Despite the increase, the base rate remains at a historically very low level. Before the financial crisis in 2008 it had hovered between 3.75% and 7.5% for two decades, whilst back in January 1985 it hit a historic high of 14%.

So perhaps 0.5% doesn’t seem so bad.

Can you beat the rise?

With borrowing rates potentially increasing, it becomes more important to shop around when looking to take out a loan or borrow finance for your business. This is where we can help.

With good relationships with multiple lenders we can take the strain off of your shoulders to find a competitive finance option for you.

There is no need to complete multiple forms or applications to find suitable finance. Our simple application form can be completed in minutes so that we can begin seeking a suitable finance provider for you.

Contact our experienced finance team

If you would like to discuss how we can help you find finance for your business you can contact us 7 days a week, or request a call back via the form on this page.

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This article has been produced by The Funding Store for general interest. No responsibility for loss occasioned to any person acting or refraining from action as a result of the information contained in this article is accepted by The Funding Store (MK) Limited. In all cases appropriate professional advice should be sought before making a decision.

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