Tuesday 7th Jul 2020
When unpredictable events lead to tough economic times, businesses need to find support and financing they can rely on
Archaeology firm, PCA (Pre-Construct Archaeology Ltd), is one of the largest professional heritage service providers in the UK, offering a wide range of services. Previously the firm had used other invoice financing providers, but these had proved to be inflexible with less than desirable customer service and communication. Company director, Peter Moore, needed something better suited to his business.
Due to the nature of the business, Peter had previously used overdraft facilities to cover surges of cost due to staffing needs and plant hire as new archaeological sites are found. When it took three months for the company’s bank to make a decision to increase the overdraft, Peter saw the need to find a more flexible and reliable form of financing.
One of the advantages of invoice financing is the ability to separate cashflow from being solely dependent on clients fulfilling invoices, which can commonly take up to 120 days. As part of changing to an invoice financing facility PCA changed their debt collection procedures, allowing them to reduce debt turnaround to 57.6 days.
Just as PCA were switching to Hitachi Capital Invoice Finance, the COVID-19 crisis hit and presented new and difficult economic pressures. The business was forced to reduce and furlough a significant portion of its staff, just as businesses have had to across so many industries. Switching to Hitachi Capital at this time offered reassurance despite the difficulties, with the process of switching still possible remotely.
The effect of using Invoice Finance has allowed for faster decisions and a closer relationship, both of which are even more necessary in uncertain times. Having a reliable cashflow system in place while projects are less certain provided reassurance, and as delayed sites begin to become active again, Hitachi Capital is available to continue that support as the company bounces back.
Regular contact is so important as so many of us work from home or in isolation during the crisis, and for Peter, being able to chat regularly with Ellen Hunter, Relationship Manager at HCIF was just as vital for his business as it was his wellbeing. That kind of reliability and reassurance is more essential than ever as business navigates into an uncertain future.
Asking Peter about his experience with HCIF, he summed it up like this: ‘I think that the present unprecedented period has tested the facility and staff, and that Hitachi Capital can be proud of their resilience and services.’