One of the UK’s largest independent distributors and processors of stainless steel, Stainless Steel Services Limited (SSS), has secured an invoice discounting facility from Cynergy Business Finance (CBF) to help manage a flexible cashflow.
Founded in 1987, SSS is a Stainless Steel Service Centre based on the border between Birmingham and West Bromwich. The fully comprehensive processing facility allows SSS to offer a one stop shop for its customers stainless steel requirements. SSS is part of the Irestal Group, which is based in Barcelona with 21 divisions across five countries.
After experiencing an exceptional rise in business sales, as well as the increasing cost of raw materials, SSS sought external financial support. CBF were able to offer SSS a bespoke invoice discounting package, including a facility that was double the size of which it had previously received. This enabled SSS to ensure adequate growth opportunities were available despite challenging economic conditions.
Part of Cynergy Bank, CBF provides finance 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 flow loans and provides complementary export funding.
Lesley Heather, financial director at Stainless Steel Services Ltd., said: “Cynergy Business Finance took the time to offer exactly what we needed to take our business forward which was a breath of fresh air after working with a high street bank. We are excited to see what the future holds and we thank Cynergy Business Finance for providing us with such a versatile facility.”
Dan Burton, executive director at Cynergy Business Finance, said: “It has been a pleasure to work with Stainless Steel Services. We were more than happy to replace its restrictive line with a facility that was double the size and released a significant amount of availability to them on the day we transferred the facility across. We are excited to see what the future holds for the businesses and are pleased to support the team on their journey.”
