Client Story: FORT Builders’ Merchant

About FORT

FORT is an independent builders’ merchant based just off the M4 in Membury, Berkshire. Founded by three co-directors in 2020, FORT opened its doors just weeks before the first Covid-19 lockdown.

Despite the early setback, FORT has grown rapidly, driven by a vision to create a business where customers can find everything they need, from expert advice to quality materials. The company prides itself on exceptional service, flexibility and a ‘can-do’ attitude, supplying building products and services into the Repairs, Maintenance and Improvement sector, as well as commercial, new build, social and other housing.

Challenge

Launching a new business was daunting enough, but Covid added unprecedented pressure. FORT needed to maintain operations, support customers and manage cashflow during a period of uncertainty. Growth ambitions also meant significant investment in stock, vehicles and facilities, all requiring working capital.

Keith Fryer, Director of Business Development at FORT explains: 

“Cashflow is, quite literally, the life blood of any business. How many times have people wondered why a business with a full order book closes because they run out of cash? All too often.”

Solution

Right from the planning stage, FORT recognised that external finance would be critical and the team opted for invoice finance due to its flexibility. Traditional bank loans proved unsuccessful for a start-up with no trading history, so the team turned to Bibby Financial Services (BFS). BFS worked closely with FORT to understand its business plan, the history of the directors and their combined ambitions. They agreed on a Confidential Invoice Discounting facility.

Sarah Disney, Relationship Manager at Bibby Financial Services said:

“FORT is a great business with a bright future, and we were able to structure a facility that works for them both now and in the future. Invoice Discounting is well suited to the business’s operations and ensures they have the cashflow they need to operate efficiently and invest for the future.”

This flexible funding model helped FORT manage delays between invoicing customers and paying suppliers, ensuring smooth cashflow. Tim Gelardi, Director of Systems & Marketing at FORT said:

“Invoice finance allows us to bridge the gap between our customers being invoiced and paying our suppliers. It gives us the cashflow to maintain and grow the business.”

Working with Bibby Financial Services

From day one, BFS supported FORT through rapid growth and market challenges. The business has grown more than threefold since inception, enabling FORT to invest in staff, vehicles and even purchase the freehold of its main site.

The partnership goes beyond finance. BFS’s relationship managers have taken time to understand FORT’s model, providing guidance and flexibility when needed. This collaborative approach has helped FORT navigate complex requirements and seize new opportunities.

“Working with BFS over the years has allowed us to grow as a business… it’s enabled us to buy the freehold of our site, to invest in vehicles and staff and continue our trajectory.”

Impact

With BFS’s support, FORT achieved £2.5m turnover in its first year despite the challenges of the pandemic and has continued to grow year on year. Today, they employ 26 people, have a yearly turnover of £8 million, and are recognised for their reliability and service, regularly outperforming larger competitors.

Matt Kiely, Director of Sales & Operations at Fort, said: 

 “We’re looking forward to the future here at FORT, with plans to redevelop our site, as well as growing our customer base and continuing to offer first-class service across the M4 corridor.”

Picture caption (left to right): Matt Kiely, Director Sales & Operations, FORT; Sarah Disney, Relationship Manager, Bibby Financial Services; Tim Gelardi, Director Systems & Marketing, FORT.