|By PR Newswire||
|February 25, 2014 07:02 PM EST||
CHESTER, England, February 26, 2014 /PRNewswire/ --
British manufacturing is predicted to have the strongest growth in Europe as the economic recovery gathers pace. With many people adding positive comment to support this, the future looks bright for British manufacturing in 2014. With confidence in growth, inevitably some of these small businesses will need financial support including working capital, increasingly they may find short term cash flow solutions with alternative rather than traditional lenders.
One such manufacturer is Tempest Fashion, who celebrated the expansion of their manufacturing facility with customers, suppliers and funders alike on Friday evening.
Alternative finance enhances growth prospects for UK fashion manufacturer
Bridgend based fashion manufacturer, Tempest Fashion, was launched in 2012 by Dan O'Connor and Gareth Thomas and have since been taking the fashion industry by storm, they had significant opportunities for growth in 2013. Despite increasing demand for their online fashion range and winning new contracts with major brands they found themselves with a short term cash flow issue which threatened to halt their progress. With traditional finance unavailable Tempest turned to Creative Capital and found that selective invoice finance was the ideal solution for their business.
Dan O'Connor commented "Unfortunately our bank couldn't offer the financial support we needed to strengthen the cash flow, we turned to our accountant who introduced us to Creative Capital. Selective Invoice Finance proved to be the ideal solution for us, the speed with which we receive cash and the flexibility of being able to obtain advances on the invoices we select, without a tie in, is exactly what we needed"
Tempest Fashion have created eighteen jobs in the last year alone, relocated to a new factory and launched new product lines, its good news all round.
"We are pleased to have played our part in this British manufacturing success story. Selective Invoice Finance is still a relative newcomer to the UK market and there is a tendency to assume our services are the same as factoring, there are some significant differences." says Sue Moore, Director of Creative Capital, "And those differences are key for small business owners. We provide cash advances against single or multiple invoices allowing Tempest Fashion to remain in control and use our service as and when needed. There are no long term tie-ins. We are one of a wide range of alternative finance providers filling the gap left by traditional funding"
There are many factors which can influence the success of British manufacturing and access to a range of financial options is one which should be proactively promoted.
Media Enquiries: Sue Moore or Jon Clauson, t: +44(0)1244-561343, f: +44(0)1244-241079, e: [email protected].
Creative Capital is a privately owned cash flow funder, part of the emerging alternative finance landscape, est 2010, based in Chester and expanding across the UK to meet demand.