One of the UK’s largest independent stainless steel distributors and processors, Stainless Steel Services Limited (SSS), has secured an invoice discounting facility from Cynergy Business Finance (CBF) to help manage a flow of flexible cash.
Founded in 1987, SSS is a stainless steel service center based on the Birmingham/West Bromwich border. The complete processing facility allows SSS to offer a one-stop shop for its stainless steel customers. SSS is part of the Irestal Group, which is based in Barcelona and has 21 divisions in five countries.
After experiencing an exceptional rise in business sales, as well as the increase in the cost of raw materials, SSS sought external financial support. CBF was able to offer SSS a bespoke bill discounting package, including a facility twice the size of what they had previously received. This allowed SSS to ensure that adequate growth opportunities were available despite difficult economic conditions.
Part of Cynergy Bank, CBF provides financing solutions between £200,000 and £20 million to businesses across the country against business assets such as receivables, plant and machinery, inventory and property. It also offers cash loans and provides complementary export financing.
Lesley Heather, Chief Financial Officer at Stainless Steel Services Ltd., said: “Cynergy Business Finance took the time to deliver exactly what we needed to move our business forward, which was a breath of fresh air after working with a major bank. We are excited to see what the future holds. has in store for us and we thank Cynergy Business Finance for providing us with such a versatile facility.
Dan Burton, Executive Director of Cynergy Business Finance, said: “It was a pleasure working with Stainless Steel Services. We were more than happy to replace their restrictive line with a facility that was double the size and freed up a significant amount of availability to them the day we transferred the facility. We are excited to see what the future holds for businesses and are excited to support the team on their journey. »