WHILE the UK manufacturing sector got a much-needed boost from the extra working day in May, the continued lack of funding support in the market is adding further pressure to a sector that is working harder than ever to emerge from the economic downturn.
Companies must not rest on their laurels and should continue to invest in their businesses to ensure future success.
Steven Gee, Managing Director of Close Brothers Asset Finance’s manufacturing division warns, “The extra working day in May gave the sector a boost, but manufacturers are under increasing pressure with the ongoing crisis in the Eurozone, the rising cost of fuel and the lack of working capital in the market.”
According to the Office for National Statistics, manufacturing output rose by 1.2 percent in May after a 0.8 percent drop in April.
“Companies are increasingly focusing on opportunities further afield, but to capitalise on these they must have finance available to them. That’s why we at Close Brothers are raising awareness of how asset-based lending can not only boost your cash flow but also allow you to invest for growth.”
Close Brothers has dedicated teams of asset and invoice finance specialists with significant experience of working with manufacturers across the UK. Funding arrangements can be tailored to help companies not only survive but emerge stronger from the current downturn.
“There’s been much talk about manufacturers needing to do more, but without the financing in place, many viable businesses aren’t able to pursue the opportunities that are out there.
“Our manufacturing team can work with you to ensure that you make the most of your assets. For example through your unpaid invoices or refinancing plant and machinery that you currently own that could be refinanced.
“The future for manufacturers will only be secured if they can manage their cash flow and are able to invest in personnel, equipment and much-needed business development and we at Close Brothers can help.”