Bath-headquartered consumer lending company Time Finance has supported client Rendit with a £350,000 Invoice Finance facility, enabling the building materials supplier to fuel further innovation and growth.
Family-owned Rendit is based in Yorkshire and was incorporated almost 30 years ago by husband-and-wife duo, Malcolm and Sandra Kitching. In 2005, their son James Kitching took over the role of Director and set out a renewed strategy to help modernise and digitally transform the business.
Over the last few years under James’ management, the business has grown substantially thanks to the automated technology introduced which allows employees to track live stock levels, automate deliveries and monitor distribution in real-time.
While keeping up with the momentum of orders, Rendit was also forced to grapple with supply chain disruption caused by the pandemic and Brexit. The firm turned to its financial advisor Silkstone Consultants for a working capital facility to assist with buying power from suppliers. Silkstone introduced Rendit to the Invoice Finance team at Time Finance who were able to release existing working capital and inject £350,000 back into the business.
Time Finance specialises in the provision or arrangement of funding solutions to UK businesses seeking to access the finance they need to realise their growth plans. Invoice Finance can help businesses like Rendit fuel innovation and growth. By releasing funds otherwise tied up in unpaid invoices, businesses are no longer held back by a lack of cash flow.
James Kitching, Director at Rendit, said, “We’re so pleased to be working with Time Finance. The funding support we’ve received has been fantastic. Not only has it provided an immediate cash injection but it has also enabled us to focus our efforts on further investment in digital transformation and supporting our growing customer base.”
Rob Walters, Business Development Manager at Time Finance, added, “Rendit is a fantastic business and one we’re delighted to work with. Packing a facility that would give them the financial freedom to overcome current challenges in the market and grasp hold of new opportunities at the same time was key. The £350k will go a long way to support their growth plans and we look forward to seeing where the business will go next.”