“The opportunity in front of us was significant, but we couldn’t capitalize on it without a funding solution that wasn’t restricted by debtor concentration levels. InvoiceFair saw the value of the relationships we had to build with our Blue-Chip debtors and we were able to leverage that.
Since we have had the facility in place, we’ve been able to almost treble our turnover. We’ve been really impressed with the degree of collaboration & support from InvoiceFair. They are a true partner for our business going forward”
Work Work has been operating in the energy industry for over 10 years, helping both B2B and B2C customers reduce their bills and carbon footprints through renewable energy, insulation, and efficient heating & cooling technology.
Over the past decade, Work Work has saved over 1 million tonnes of carbon, served over 230,000 customers, and over £20M in fuel cost savings.
Work Work has been operating in the energy industry for over 10 years, helping both B2B and B2C customers reduce their bills and carbon footprints through renewable energy, insulation and efficient heating & cooling technology.
Over the past decade, Work Work has saved over 1 million tonnes of carbon, served over 230,000 customers and over £20M in fuel costs savings.
Work Work collaborates with suppliers of the highest quality like Samsung & LG to ensure their customers get the optimal solution at a cost effective price.
Work Work had ambitious growth plans emerging from strategic management restructure. Part of that strategy was a focus on being a key supplier of the ECO3 scheme, the latest phase of the UK Government’s Heat and Buildings Strategy, which details how the UK will decarbonize homes as part of setting a path to a net-zero target by 2050. They successfully secure partnerships with the leading energy suppliers to the UK domestic home market. This additional business led to increasing concentration levels with their blue-chip debtors British Gas and Npower.
This was great news for Work Work and in line with their growth strategy. However, due to the restrictive provisions of the contract they had in place with their existing funder, they would have been unable to accept the new business immediately as they were unable to fund the additional costs they would incur to service this new business.
These costs needed to be remitted on a weekly basis (purchase boilers, labor costs), yet the credit terms on the new business contracts were 60 days, causing a significant working capital gap.
InvoiceFair provided a selective invoice finance solution, enabling Work Work to access 90% of the invoices, uploaded weekly, for the chosen debtors with funds being advanced within 24 hours of upload.
This unrestrictive solution and certainty of funding gave Work Work the confidence to accept further new contracts and grow faster. As they had total control over which invoices to fund and when, they also had total control over the cost of funding.
The UK Government has announced the latest phase of the Heat & Buildings Strategy, ECO4, which will run for the next 4 years. As a result of the success of the funding arrangement, Work Work has again engaged with InvoiceFair to release increased funding from their debtor book.
Going forward, InvoiceFair have proposed a solution where the debtor book will be funded along with Work Work’s, Work In Progress (WIP). This funding solution will increase the funding amounts being advanced to Work Work and will allow them to grow their business.