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Bibby Financial Services assists OSCAR to expand

Supplier News

Turning to invoice financing has helped Portland Marketing boost its cash flow and grow its presence in the local skincare market in the aftermath of the economic downturn.

Portland Marketing manufactures and markets OSCAR Natural Shaving Oil, an all-natural shaving alternative to foams and gels.

Director of Portland Marketing, Oscar de Vries, who is keen to grow the OSCAR shaving range in Australia across a number of major retailers, found adequate cash flow was a major constraint for expanding the business.

With banks reluctant to lend, Mr de Vries turned to Bibby Financial Services - Flexible Cash Flow Solutions , using its unique invoice financing facility to assist Portland Marketing’s cash flow.

Invoice financing involves the business sending copies of its invoices to Bibby Financial Services, which then typically converts up to 80 per cent of the unpaid invoices into cash within 24 hours.

The remainder, less a small service fee, is transferred by Bibby Financial Services to the company once the invoice has been paid. Bibby also provides a comprehensive accounts receivable management service as part of the facility, freeing up valuable management time and resources.

Greg Charlwood, Managing Director, Bibby Financial Services, Australia said bank lending to SMEs remains tight and many businesses are still experiencing cash flow shortages after the global financial crisis.

“Conditions remain tough for Australian SMEs, and despite some positive signs emerging from the economy, there are still many hidden credit risks for businesses including defaults, rising insolvencies, reduced support from the Government’s economic stimulus and rising interest rates,” Mr Charlwood said.

Mr Charlwood said Bibby Financial Services is standing by its clients in these tough times and fees will remain unchanged.

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