Time Finance has supported client, Rendit, with a £350,000 invoice finance facility to fund further innovation and growth.
The family-owned firm was incorporated almost 30 years ago by husband-and-wife, Malcolm and Sandra Kitching. Their experience in the formulation, supply and application of premised render materials and systems helped them to build a strong customer base of tradesmen and women across the UK. In 2005, their son James Kitching took over the role of director and set out a renewed strategy to help modernise and digitally transform the business.
Over the last few years under his’ management, the business has grown substantially thanks to the automated technology introduced which allows employees to track live stock levels, automate deliveries and monitor distribution in real time. The digital transformation saw the firm increase its market share by promoting their partnership with leading brands such as K Rend, Parex, Fassa Bortolo and Eco Rend.
Rendit has had to deal with supply chain disruption caused by the pandemic and Brexit. It turned to its financial adviser Silkstone Consultants for a working capital facility to assist with buying power from suppliers. Silkstone introduced Rendit to the invoice finance team at Time Finance who were able to release existing working capital, otherwise tied up in unpaid invoices and inject £350,000 back into the business.
James Kitching said: “We’re so pleased to be working with Time Finance. The funding support we’ve received has been fantastic. Not only has it provided an immediate cash injection but it has also enabled us to focus our efforts on further investment in digital transformation and supporting our growing customer base.”
Rob Walters, business development manager at Time Finance, added: “Rendit is a fantastic business and one we’re delighted to work with. Packing a facility that would give them the financial freedom to overcome current challenges in the market and grasp hold of new opportunities at the same time was key. The £350k will go a long way to support their growth plans and we look forward to seeing where the business will go next.”
