Call us: 03330 113622

Blog home
Categories
Popular Posts
Recent Posts
Archive

• 28 Sep

  An Invoice Finance Company In Administration Purchased

  

  According to a report on their website, another small invoice finance company CCC Finance entered Administration on 14th June 2021. The website reports that this was due to "ongoing financial difficulties".

  ---

  Need Help?

  This is the latest of a number of small funders that have failed in recent years. If this or any other failure has affected your facility, or you wish to find alternative finance please contact us on 03330 113622.

  ---

  CCC Finance In Administration

  The company's website states that it was founded in 2014 by Laurence Rutter and Graham Avery. It says that it offered Disclosed Invoice Discounting (DID) services with prepayments against invoices of up to 85%. DID is funding against invoices where the customer retains the credit control function. However, the debtors are notified of the involvement of the funder, hence the facility is "disclosed".

  Also, the site mentions that the business offered credit control services to its customers and that funding lines could be between £5K and £1M. So, there may have been some larger customers that were using their services.

  FRP Advisory - Administrators

  Glyn Mummery and Paul Allen of FRP Advisory are the appointed Administrators and can be contacted via this number: 01277 503 333.

  According to the Administrator's report, the failure of the company seems to have followed a connected company, Tokenhouse VB, entering Administration. The report said that Tokenhouse had lent the business c. £7M. According to that report, "A number of potential repayment solutions were put forward by the Directors, but none came to fruition".

  Acquisition By WeDo Finance

  According to another report by thebusinessdesk.com dated the 26th of August 2021, WeDo Finance, the Oldham based invoice finance company, has acquired two Colchester based, sister businesses from Administrators. These were said to be part of a multi-million-pound deal to acquire Alexanders Discount and Corporate Commercial Collections.

  The report explains that WeDo started trading in 2019, founded by Chris Robinson and Mark Lindsay. It has grown to employ 30 staff and it has made this acquisition to increase its presence in the South as part of its growth strategy. The group also offers Trade Finance services in addition to a range of invoice finance services.

  By Glenn Blackman