School friends and former colleagues, Brett Crawford and Mark Gozzard, had long talked about setting up their own commercial and retail flooring business. The attraction of running their own business was a simple one; they wanted the opportunity to be their own bosses and have greater earning potential. As trained fitters, with decades of experience between them, they took the leap and set up GYC Flooring in 2017 with Stacey Ing the Managing Director who runs the company.
Following strong growth in the business, it soon became apparent that future growth was hampered by the late payment terms of debtors and main contractors, a typical occurrence in the construction sector. This meant that the company had to conserve cash to pay for materials and subcontracted support for larger projects, restricting the amount of work that could be taken on. These growing pains meant that the business needed to look for external support.
To find a solution to their cashflow problem, Stacey, Brett and Mark approached Bibby Financial Services (BFS) for funding. BFS structured a bespoke Construction Finance facility that meant the business could scale up its operations when it needed to and plug the cashflow gap. To achieve this, BFS made a careful assessment of the needs of the company.
BFS quickly understood that GYC Flooring would need to be able to access cash from invoices within 24 hours of uploading customer billing and applications for funding. This arrangement was set up within a week of application and meant that GYC Flooring could start taking on more work immediately. Since then, the business has been able to hire more subcontractors from a pool of technical experts that Mark and Brett knew from the industry.
Since starting GYC Flooring, the pair have established a strong client base and worked with construction firms on elderly care homes, schools and refurbishment projects up and down the UK, from Scotland to the South Coast and even across the channel to Jersey. The company mainly works with larger construction firms to provide specialist fitting services for carpets and hard floors, but can also fit out wet rooms and other unique flooring types.
Brett Crawford, Co-Founder, GYC Flooring said: “The prospect of setting up our own firm was something we always wanted to pursue. When we finally decided to do it last year, we knew we were taking a risk, but trusted our experience. We’ve worked in the flooring business for over 17 years and Mark knows the industry as well as I do. We met at school and learned a craft together and now we are running our own firm together. It has been an exciting journey and one we are looking forward to continuing.
“It has been great working with BFS, they understand the sector we work in and were able to act very quickly to help us with getting the support we needed. Now that we have funding in place, we can turn our attention to growing the company and taking on more work. We also hope to take on extra hands as and when we need them.”
Kully Bargota, Business Development Manager, Construction at Bibby Financial Services said: “When we first met GYC Flooring, it quickly became clear that this was a great business that was hampered by a lack of cash. As construction finance specialists, we find it is a common problem in the construction industry that cash is either tied up in invoices or applications for payment.
GYC Flooring needed a solution from a financial services firm that could be tailored to scale with the business. Using our deep-seated knowledge of the sector we created a unique solution to advance cash against their applications for payment and invoices raised at completion. This means GYC Flooring can now scale their business with confidence.”