Client:Anthony Alexandra Financial Services
Product:Recruitment agency specialising in financial services and insurance.
The finance need:
Invoice finance was needed to manage cash flow. The company’s working capital had dried up due to long payment terms and late payments from big clients. Previous lenders were either too expensive or were rude to clients when chasing payment, creating problems for Anthony Alexandra.
Danielle Morant, co-founder and managing director, said Anthony Alexandra’s balance sheets are healthy once again. Her time, previously spent chasing outstanding invoices, has been freed up allowing her to focus on her job of recruiting. The company is now looking to expand.
“Henry Howard Cashflow has been a fantastic support. They have been personable and friendly throughout.
“Setting up the account was really straightforward and quick. I can always call and speak to my client manager about any concerns or to get advice.
“I don’t have to deal with some big office, speaking to people who don’t know me.
“Having the money paid upfront has taken the pressure off so I don’t have to spend half my time chasing invoices and can get back to what I am best at, which is recruitment.”
Danielle Morant set up the company, based in Croydon, south London, 12 years ago.
The seven-strong team specialises in recruiting for back office and sales positions in the financial services and insurance companies across the UK.
Many of Anthony Alexandra’s clients are big companies that demand long payment terms of up to 90 days and even then, often fail to pay within the agreed deadline.
Payments had gotten later and later over the last decade and Anthony Alexandra found itself struggling to maintain a healthy cash flow. There were delays in paying staff and bills due to the lack of ready cash.
Danielle was forced to dedicate every morning issuing and reissuing invoices and chasing late payment which limited the amount of recruitment work she was able to do.
She tried working with a couple of lenders but neither proved to be up to the standards she required. One was too expensive while another was accused of being rude and “bullish” when chasing payment with clients so Danielle was forced to return to endless hours of chasing payment herself.
She approached Henry Howard Cashflow Finance about a year ago who were able to allay all her concerns following her previously negative experience of invoice finance providers. At the time a client owed Anthony Alexandra £40,000 but were unlikely to pay it within the 90 day payment schedule so Danielle decided to take action.
Henry Howard Cashflow has now been providing invoice finance to Anthony Alexandra since March 2015. It pays the firm upfront for invoices issued, restoring a healthy cash flow. The money coming in from Henry Howard Cashflow has eased the pressure on chasing late payments.
The support of Henry Howard Cashflow has put Anthony Alexandra in such a strong position they are now looking to expand, starting with the recruitment of an office administrator and sales executive.