Venture Finance's Factoring Facility Gets Wicked Imports Back on Track

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Premier independent Invoice and Asset Based Lender, Venture Finance, has provided Wicked Imports Ltd, a wholesale distributor of gadgets, gifts and toys, with a Factoring facility providing the company with a cashflow boost and reassurance of Bad Debt Protection.

Prior to the inception of Wicked Imports Ltd, founders Jascer Coates-Waite and Peter Betts were trading as JD Trade Ltd. In late 2008, the company was forced into liquidation after a number of serious administration errors by its previous financier. Incorrect statements and miscalculated invoices were sent out to clients resulting in serious troubles for the company. Jascer Coates-Waite and Peter Betts were forced to start a company under another name to turn their fortunes around.

The pair needed a solution to the financial problems quickly and efficiently. Already familiar with Factoring services but burnt by previous experience, Jascer Coates-Waite and Peter Betts had no option but to look for alternative funding providers.

Following a call from one of Venture's team, Jascer Coates-Waite was relieved to know that there was help available when he needed it most: "We had a very bad experience with our previous financier, and so when one of Ventures team got in touch, their call couldn't have been more welcome. Not only have they provided me with the financial support that I was looking for, they have gone that extra mile to help us through every step of this difficult period. The service was quick and effortless and the speed in which they helped us get back into shape has been exemplary. The process was hassle free and their independent advice put Venture ahead of other financiers on the market."

"Venture's Factoring service has provided critical cashflow to get the business off the ground again. Added to this, the Bad Debt Protection gives us peace of mind knowing that our finances are protected from unforeseen unpaid invoices. We already knew what the benefits of these services were; we just needed a partner who could provide them for us in a professional, effective and competitive manner. Venture has been on hand at all times until we got ourselves back on our feet. We can now focus on moving forward and on growing the company as we should."
Nick Russell, Business Development Manager, Venture Finance comments: "We saw the trouble that Wicked Imports' previous financier had got the company into and we were confident of their turnaround potential. We know how difficult it can be for a company to get back on track, so we worked very closely with Jascer to provide Wicked Imports with a Factoring facility to inject working capital into the business and Bad Debt Protection to shield it from future financial catastrophe."

Andrew Ford from Castleton Accountants assisted with the deal. He believes that the close relationship between the three parties played a key role in its success: "We needed to ensure that the management team had complete support throughout the process. Our experienced team worked well with Venture, for a smooth transition from start to finish. Wicked Imports is now perfectly placed to move forward and rebuild the business."

Venture's Factoring service will enable Wicked Imports to concentrate on the things that matter - rebuilding and growing the business. With all creditors now being paid on time and correctly, the fortunes of Wicked Imports are already turning around despite recessive conditions. Venture offers over 100 years combined experience in their award winning credit team helps businesses weather any storm by offering expert credit guidance and total peace of mind.

For further information on Venture Finance's Factoring, Invoice Finance and Invoice Discounting services visit http://www.venture-finance.co.uk

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