Background

Founded in 2008, the company specialises in providing comprehensive driving-related support services to businesses. Their offerings include driver and fleet safety management, driving license checking and monitoring, driver risk assessments, e-training, in-person training, and vehicle fleet monitoring. Notably, they also manage “grey fleets,” where employees use their personal vehicles for business purposes, ensuring compliance with insurance and MOT renewals. Additional services encompass telematics and a mobile safety app, all aimed at enhancing fleet safety and efficiency.

Challenge

The company experienced substantial growth, averaging around 40% annually. This rapid expansion necessitated increased working capital, particularly to fulfil a significant new export order in the Middle East. However, the payment terms for this contract were longer than usual, complicating cashflow management. Additionally, funding through their existing invoice finance line was not feasible due to the specific terms of trade associated with this new territory.

Solution

Newable Commerce stepped in to provide a tailored financial solution. We offered a £300,000 multi-draw, revolving facility designed to meet the company’s immediate working capital needs. This facility enabled them to manage the cashflow challenges posed by the new contract while ensuring they could deliver on their commitments without delay.

Outcome

With the financial support from Newable Commerce, the company successfully delivered the contract in the Middle East. This achievement not only solidified their reputation in a new market but also contributed to increased profitability and brand awareness. The additional working capital allowed them to maintain operational efficiency and continue their growth trajectory.

How Newable Commerce Can Help

Newable Commerce aims to simplify international trade for the UK’s roughly 300,000 exporting SMEs.

“Simplifying international trade” is the core principle that guides everything we do at Newable Commerce. We’re not just tackling current problems; we’re completely rethinking what trade finance means. Our goal is to fundamentally change how customers think about trade finance, proving that it can be simple and efficient, setting a new benchmark for the industry.

Newable Commerce exists to simplify international trade for SMEs. We do this through a range of products and services that enable businesses to move and manage funds internationally and optimise cash flow through our working capital debt products.