Member Article

Sittingbourne firm receives cash flow boost from RBS Invoice Finance

Sittingbourne-based, STC Europe Ltd has received working capital facilities from RBS Invoice Finance to assist with the company’s cash flow.

NatWest worked in conjunction with the plastic card supplier to provide £50k overdraft facilities alongside a £100k expansion loan.

STC Europe employs 30 people at its Sittingbourne HQ to manage the sales, printing and distribution of plastic cards across the UK.

Established in 2012 by managing director, Russell Godfrey, STC Europe is on track to achieve a £3m turnover as Russell continues to secure more clients – these are mainly blue chip and high street retailers.

David Eley at NatWest has enjoyed a working relationship with Russell since January 2015 and has played a pivotal role in referring business and introducing him to Invoice Finance partner, Rachel Manly.

Combined, the bank has implemented a more flexible facility that will support this rapidly growing SME. Asset Finance partner, Lombard, is also assisting with finance for a new machine to the tune of £155,000.

Russell Godfrey, Managing Director of STC Europe Ltd, said: “RBS Invoice Finance has allowed STC Europe to release working capital on terms that allow us to bridge the gap of supplying the plastic cards to our clients and waiting for payment, which can often take between 60-90 days.

“Now we have a flexible arrangement in place, this will enable future expansion which should include acquiring companies that will complement our services, as well as allowing us to purchase our current premises on the Eurolink Gateway in Sittingbourne.”

Rachel Manly, Relationship Manager at RBS Invoice Finance added, “David Eley at NatWest approached us to address Russell’s cash flow dilemma as he was experiencing restrictions regarding his cash flow. With our support, we have implemented a flexible facility that suits the needs of this successful business and will create capacity for further growth.”

This was posted in Bdaily's Members' News section by Ellen Forster .