Name: Forefront Body & Paint.
Location: Surrey
Industry: Bodyshop
“It really is a brilliant service; from our first meeting when Bibby outlined what they could do for us they have consistently met and exceeded our expectations. The solution itself is tailored specifically for our industry and it is great to know that you are dealing with people that understand the issues we face and know the right contacts in the insurance companies,” says Gavin.
The Problem
With increasing pressures to invest in new equipment and train staff to meet industry-wide professional standards, such as the BSI Kitemark for accident repair, bodyshops can be faced with a cash flow crisis. With insurers taking up to 120 days to make payment for completed work, the situation looks even bleaker and means many of those trading in the bodyshop industry could be treading a very fine financial line.
One specialist accident repair centre that faced issues in bridging the gap between completing work and getting paid was specialist accident repair centre Forefront Body and Paint.
Founder, Gavin Lower, explains: “Over the past six years, as an independent garage, I have noticed that it is getting more difficult to get people to pay in the usual 60-90 days, which has repercussions throughout the whole of my business. I have used factoring in the past but I hadn’t been impressed as the financiers didn’t really understand how the bodyshop industry works and I ended up chasing them to get invoices paid, which meant I was doing their work for them.”
The Solution
To alleviate the pressure on his business, Gavin decided to use Bibby Financial Services specialist Bodyshop Finance solution, specially tailored for the bodyshop industry. It allowed him to release cash tied up in unpaid invoices within 24 hours of raising them and to outsource his sales ledger management to Bibby’s professional collections team who, unlike other invoice finance companies, track transactions using bodyshop industry-standard claims reference and vehicle registration numbers.
Working with Bibby Financial Services
He says: “The last company I dealt with prior to Bibby’s overcharged me for the service they provided and wouldn’t deal directly with my bookkeeper who is based offsite. But, with Bibby Financial Services Bodyshop Finance solution it was different. When they visited, they outlined what they could offer and I was not only struck by their professionalism and knowledge of the industry, but the clarity of service I could expect – and this has consistently been met.
“It really is a brilliant service; from our first meeting when Bibby outlined what they could do for us they have consistently met and exceeded our expectations. The solution itself is tailored specifically for our industry and it is great to know that you are dealing with people that understand the issues we face and know the right contacts in the insurance companies,” says Gavin