Ultimate Finance Group
Region: West Midlands
Programme: Investment Programme and our other commercial investments
Genesis 2014 is a freight forwarding and logistics company.
The company has experienced rapid growth over the last 12 months leading to the creation of ten new jobs and its fleet increasing from three trucks to 15.
The success of the company is set to continue with increased work being received from a major high street retailer which has contracted Genesis 2014 to deliver new display equipment to all its store refits throughout the UK.
To meet the growing work load and to facilitate cashflow requirements, the company has extended its invoice facility, provided by Ultimate Finance, from £200k to £500k.
Further ambitious plans could see this facility increased to £1m as Genesis 2014 is planning to develop a complete shop fitting service in addition to delivering the components to the site.
Speaking about the plans, director of Genesis 2014, Marcus Hughes said,
“It is a perfect fit and a natural progression to develop a team that can both deliver and install the store equipment. From the retailer’s point of view there are fewer people to liaise with, especially when time is normally tight, and from ours, it makes better use of our time and creates another profit opportunity.
“Naturally the rapid expansion we are experiencing can prove to be a strain on cashflow, as wages and increased costs associated with the jobs have to be paid before our invoices are settled.
“We did approach high street banks for additional funding but we discovered that they are still reluctant to lend despite them being able to see we are building a successful business.
“We therefore turned to invoice finance for the first time which has enabled us to meet cashflow requirements and also target further blue chip accounts. Another benefit is that Ultimate Finance will handle the credit control allowing me to concentrate on looking after the business.”
Regional director of Ultimate Finance, Mark Holland, said,
“We are still experiencing situations like this where banks are not prepared to lend money to companies despite them having a sound business plan and firm orders.
“It gives us a great deal of satisfaction, therefore to help a business like Genesis 2014 to grow substantially and create new jobs through our financial support.”