Saul Musson, managing director of successful garden furniture wholesalers LeisureBench, is in no doubt whatsoever that his company would not be in the healthy position it is today if it hadn’t been for FundingKnight.
Having been turned down for finance by his bank, Mr Musson originally found his way to FundingKnight through his financial adviser. Three years and five fully repaid loans later, his business has produced year-on-year growth in turnover of 20 per cent for the past two financial years – the last one ending in September, 2014.
While this has obviously been good news for him as the proprietor, it has been pretty good for the local community in Melton Mowbray, Leicestershire, too. His headcount of permanent staff has virtually doubled to 11 over two years and he has been in a position to take on up to five part-timers in the peak summer season. “I can’t begin to say how pleased I am with the friendly and professional way we have been treated by FundingKnight”, he said.
The difference lies in flexibility. With a heavy emphasis on building up extensive stock in winter in anticipation of summer sales, LeisureBench’s bank account can swing from being heavily in the red back into healthy black within the space of a few weeks. It is not a pattern of trading that holds much appeal to traditional banks, particularly in the absence of ‘bricks and mortar’ security. Yet, without that essential bridging finance, the company would not have been able to survive and grow.
“A lot of our furniture is sourced from abroad and we can have £50,000 tied up in the container alone while the goods are in transit. With our stock coming from as far away as the Far East and Eastern Europe it can be a month before we are in a position to sell it”, explained Mr Musson. “We borrowed £150,000 from FundingKnight for a nine month period, but were able to pay it all back two months early. The flexibility was fantastic and being able to work in this way makes financial sense for us big time.”
“With this sort of support we have been not only able to build our business, but also to attract a number of large, blue chip customers. I am looking to treble the size of the company over the next three years. I believe we have massive growth potential.”