An established business delivering quality products fit for purpose
A L Gordon was established in 1930 and started out as a coppersmith company originally producing copper boilers. Trevor Tuplin, who has over 40 years’ of experience within the sector joined the company in 1997 as General Manager and took over in 2005. He brought a wealth of experience with him including his knowledge of site work, structural steel fabrication and pipe fabrications this has allowed the company to diversify into different sectors, however sheet metal work is still a big part of their business. A L Gordon now works in many areas of industry including the alcoholic drinks industry – from maltings and distilleries through to bottle manufacturers and with the food, petrochemical and pharmaceutical industries.
Their goal is to provide a professional, bespoke service to each customer, helping to solve problems and delivering quality products fit for purpose and on time.
The business challenges
A L Gordon required more working capital to support their cash flow to allow them to operate more efficiently. Restrictive banking facilities meant that the arrival of an HMRC and PAYE bill would impact cash flow so having a better way of managing monthly invoices was a priority for the business and its long term customer reputation.
Steve Wilson from Thompson Cooper Accountants referred A L Gordon to Close Brothers Asset Finance to help review their finance situation. It was evident from the value in the assets of the business that there was plenty of scope to provide a suitable solution to result in appropriate working capital.
The business was looking to sell the premises to raise cash to pay the HMRC and PAYE bills but was conscious that they may not have enough cash to see them through until the property sale was completed.
Area Sales Manager, Graeme Thompson and Regional Sales Director, Angus Armstrong from Close Brothers, met with Trevor to discuss the business requirements. They were able to release equity from the company’s existing assets to help with the cash flow problems. By refinancing the existing equipment they would create a cash buffer for the business to utilise, this would assist in keeping the business cash flow in a strong position as they paid their HMRC and PAYE bills.
Close Brothers Invoice Finance replaced the previous restrictive Invoice Finance facility with a new facility providing additional head room, higher advance rate and the use of the IDeal system. This has a number of features including a unique real time view and calculation of funding and a significantly reduced workload in managing the facility.
Trevor Tuplin, General Manager said “Dealing with Graeme and Angus has been a pleasure and we are delighted with the outcome. Graeme was always on the other end of the phone if I had any questions that needed answering. We are really pleased with the outcome.”