“Allowing us to leverage our approved worksheets, rather than wait for the standard Invoice Payment Process to complete, was hugely innovative and allowed us greater flexibility with our cashflow. It also allows us to use that additional funding to drive on with our growth strategy right across Europe.”
An Irish-based Electrical, Mechanical and Civil Engineering company with offices based across Ireland, The U.K and Europe.
They have completed data centre projects in Ireland and across Europe for some of the largest tech players in Europe.
Our client operate on a national and international scale with projects varying across different categories – predominantly in data centres, commercial office fit-outs, hospitals and pharmaceutical manufacturing facilities.
They provide cost-effective electrical & civils packages in a compliant and structured way. Services include the installation of containment, power, lighting, emergency lighting, CCTV, access control, small power and other general services including system turnovers and QAQC works.
This company had been experiencing growth in Ireland and the UK, while working on large scale data centre projects in Ireland and Mainland Europe. They had become disillusioned with the restrictions placed on them by their existing lender and approached InvoiceFair to discuss providing a more flexible solution more suited to their funding needs.
They had set up new trading entities in other European jurisdictions, to facilitate new contracts in conjunction with their well-established business in Ireland. They required a funding partner that understood their business and the working capital requirements of their global operations. InvoiceFair’s knowledge of the sector meant they recognised the quality of the work provided and the premium nature of their clients.
They were providing highly skilled electricians to work on site in the Build phase of Data Centre construction across Ireland and mainland Europe. As the project ramped up, the requirement for labour increased, as did the weekly payment requirements. Their staff were paid on a weekly payroll, with payments from the principal contractor operating on a monthly invoicing schedule.
What type of financing would work best for this labour-intensive business? The answer was to leverage the monthly completed worksheets for their staff in advance of payment from the main contractor to assist with their working capital requirement.
InvoiceFair structured a Selective Invoice Finance solution for the mainland Europe business entities, which was a shorter-term funding requirement.
We then provided the Irish-based operation with a long-term funding solution using our Innovative Invoice Discounting product. Both solutions gave them the growth capital they required.
We gave them the facility to leverage 90% of the value of these weekly & monthly timesheets on the projects and also allowed them to leverage different multi-currency revenue streams across Europe, due to InvoiceFair’s access to a diverse pool of funding and ability to trade multi-currency