• Company: WW Technologies provides tailored engineering solutions, primarily to the automotive industry. Founded in 2002, their annual turnover is now £1.7million.
• Business situation: WW Technologies were using a bank overdraft facility to fund their business, but in 2006 decided they needed a credit management specialist – and turned to Coface.
• Solution: Confidential Invoice Discounting facility, which is a dynamic, performance-linked source of funding that automatically grows with the sales ledger.
• Result: WW Technologies now benefit from increased working capital, buying power and a flexible finance solution.
  

The Company

Founded in 2002, WW Technologies provide tailored engineering solutions, primarily to the automotive industry. Their UK Office is located in Walsall, where they employ 25 people. They now have an annual turnover of £1.7million.

Business Situation 

Until 2006, WW Technologies used an overdraft facility from their bank to fund the business. However, this could not keep pace with their order book and did not provide the funds they needed to grow the business. WW Technologies recognised the effects that these limitations were having on the business and decided to consult a credit management expert – Coface. They were looking for a solution that would provide both the flexibility and the funding they needed.

The Coface Solution 

Coface recognised the vision that WW Technologies had and were able to offer a complete solution to their problems – Confidential Invoice Discounting, which is a dynamic, performance-linked source of funding that automatically grows with the sales ledger.

This has provided WW Technologies with working capital by releasing funds held up in outstanding debtor balances, along with security by insuring debts against insolvency both in the UK and export markets. Their buying power has also increased and they have been able to secure the funding necessary to sustain continued business growth.

Results 

WW Technologies now enjoy the security of working with a leading credit management service provider. Coface’s Invoice Discounting facility has enabled funds to be released instantly, which has significantly improved the company’s cash flow and enabled them to extend their business with European customers.

WW Technologies continue to grow, and with Coface as a finance partner, they are actively seeking to acquire other businesses.

This is summarised by Mike Hickman – Financial Director and Company Secretary, who says "Coface were unique in being able to see the vision we outlined, as well as being willing and able to assist our growth. They had the ability to understand the management skill set to diversify our business portfolio - through acquisition, management buy out and take-overs. Coface also provide finance in the local currencies of our customers and allow invoice finance on these customers without limit".