Heightvale Switches to Praetura Commercial Finance for Flexibility and Growth
Amount
£2m
| Client: | Heighvale Limited |
|---|---|
| Service: | Confidential Invoice Discounting |
| Outcome: | Growth |
The Challenge
Boasting a huge and varied range of specialised drying equipment, certified technicians and state of the art monitoring units, HeightVale is able to respond to all levels of flooding from single rooms to national disasters. Operating from its head office in Bolton, the business offers services throughout the North West and Cumbria with contents inspection, validation and restoration offered nationally.
Tim Newberry, Managing Director of HeightVale Limited, said: “The nature of our business environment and the demands on our services can change extremely quickly, due to the volatility of prevailing weather conditions. Not only that but we also have to take into account frequent policy revisions from the insurance companies we work with. The main issue we have found is that the reserves set by our previous bank have proved insufficient during periods of strong demand. This has put us in the position where we’ve had to turn down work as a result.”
The Solution
Praetura Commercial Finance met with HeightVale to discuss the company’s plans for future growth. The team structured and delivered a £2,000,000 funding line that will provide the additional flexibility that the business requires to realise its potential. Tim Newberry added: “I liked the Praetura Commercial Finance team right from the start as well as the way they are set up. As an independent finance provider, they have the control to make quick decisions which is a massive benefit to businesses like ours. They explained everything clearly to us and put our facility in place very smoothly.”
The Transformation
He concluded: “Now, with the backing of Praetura Commercial Finance, we can push for new contracts, confident in the knowledge that the right level of working capital is in place.”
Stuart Bates, Commercial Director of Praetura Commercial Finance commented: “We are delighted to welcome HeightVale as a client and very much look forward to supporting them in achieving their business growth. Their company works in an extremely dynamic environment in which being able to access key decision-makers is business critical. Once again, this serves to emphasise the transformational role of an entrepreneurial, relationship-driven approach and the certainty that this brings beyond the initial transaction.”
