07 Aug 2019
Finance specialists, Bathgate Business Finance have helped a Flintshire-based family-run vehicle service centre achieve ambitious growth with a funding deal worth £45k.
The Wirral-based finance company was introduced to Tip Top Service Centre by the Development Bank of Wales, which has supported husband and wife team, Paul and Pam Worley, since the business was established in 2012.
The deal, brokered by Ian Adams of Bathgate Business Finance, comprised a £20k loan from Boost Capital to support Tip Top Service Centre’s existing business growth and a £25k invoice finance facility with Chester-based Zodeq.
The business offers MOT, servicing, repairs and bodywork, and is also the first Raptor Coatings approved centre in the UK.
Following a move to a new, larger site on Northop Road in Flint in September 2017 the business experienced rapid expansion in its customer base and team, which has grown from three to 15 in under two years. As a result, Paul and Pam sought financial assistance to support this growth and manage cash flow.
Pam Worley, from Tip Top Service Centre, said: “Ian and the team at Bathgate Business Finance brought fresh eyes to our business and presented us with opportunities we didn’t realise were available to us.
“We knew about invoice financing from the years that Paul worked for large companies, but we thought we were too small to be eligible for such a facility. The professionalism and care demonstrated by Bathgate and Zodeq, the partners that they introduced us to, has been fantastic and we’re delighted with the outcome.
“Bathgate Business Finance aren’t like a bank manager and they’re not just a finance company either. They are more than that. They’ve been an extension of our team that we now know are always on hand to help and give advice.”
Ian Adams, from Bathgate Business Finance, said: “Tip Top Service Centre is a really exciting family-run enterprise with fantastic prospects. Paul and Pam’s hard work and tenacity over the last seven years has built an exceptional business that had brought revenue and new jobs to the area.
“It’s been a pleasure to help them scale up the business and take it to the next level. We also know that they have more ambitious plans in the pipeline and we look forward to supporting them on the next phase of their journey too.”
Simon Holian, Sales Director from Zodeq, added: “Paul and Pamela have shaped some fantastic business opportunities through the commercial arm of Tip Top Service Centre.
“In preparation for these new revenue streams, they were searching for a collaborative finance partner to work with them as they secure additional projects. We are passionate about supporting local businesses and were delighted to partner with Tip Top to provide cash flow funding that will grow to match their needs.”