Latest News Headlines
Commercial Credit News
|Ultimate Finance's funding support leads to royal recognition for male grooming products firm|
|Wednesday, 28 September 2016|
A father and son partnership, which started a brand of men’s grooming products from scratch, has recognised the important role Ultimate Finance played in helping them receive an award from the Queen in recognition of their export success.
Mark and Ben Snowdon started Lock Stock and Barrel in Birmingham ten years ago with limited funds and everything outsourced. Today they have their own manufacturing plant, employ eight people and export to 16 countries, with further new markets penned in over the next 12 months.
Earlier this year, Ben and his colleague Caroline McGuire were invited to Buckingham Palace to accept the prestigious Queen’s Award for Enterprise: International Trade from the Queen herself.
However, achieving the award has not been easy. In 2006, as a small start-up and with no track record or accounts, they found it impossible to secure the bank funding they needed to grow. They approached Ultimate Finance who recognised the potential of the company and its products. It quickly provided Lock Stock and Barrel with an invoice factoring facility enabling them to receive the money from customer invoices straight away, rather than having to wait 30 days or more, so they could reinvest it back into the business.
As the business grew they made a significant investment by bringing manufacturing in-house just as the financial crash hit in 2008.
Despite the lean times caused by the credit crunch, domestic turnover continued to grow enabling them to establish a lucrative export market.
Ben Snowdon believes this would have been impossible without the funding facility provided by Ultimate Finance.
“Invoice factoring enabled us to really harness our UK turnover and stabilise cashflow at a time when credit terms were steep and traditional financing non-existent,” he said.
“It allowed us to build our business organically, without the need for loans and overdrafts, and enabled our limited staff to concentrate their efforts on what they did best, while the team at Ultimate Finance managed our UK ledger, chased overdue invoices and provided a friendly point of contact to our customers.
“Today our UK turnover accounts for just over 20 percent of our total sales and while the need to finance our invoices has decreased over time, we still see this as a valuable service ten years on.
“We are proud to have built a business that hasn’t relied on bank finance and feel very fortunate today to not have to rely on bank overdrafts and loans.
“I have always found Lesley Mouncher and the team at Ultimate to be conscientious in dealing with our valued customers, many of whom have been with us from the start. I believe that is the reason we have yet to experience a single incident of non-payment of an invoice. For me, they play a vital role in our domestic market and one which I’m sure will endure for many years to come.
“There is no doubt that without Ultimate’s faith in the company at the beginning, we would not have had the success we have had and the honour of being recognised by the Queen for our achievements.”
Forums International Ltd
Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.
Find out more here.
The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.
CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.
As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.
Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.
GTS Media Ltd
81 Cambridge Road
Registered in England No: 05483197