Positive finance move for Logistex
A St Helens courier company has secured a funding lifeline from invoice finance specialist Positive Cashflow Finance after its previous lender reduced its facility.
Logistex Express has secured £75,000 from Manchester-based Positive, with the package being put in place in just 48 hours.
Husband and wife team Tom and Barbara Reid established the business in June 2002 and last year achieved sales £300,000.
With the funding facility in place, they said they would be able to take on more contracts and hope to increase turnover beyond the £400,000 mark over the next 12 months.
Tom Reid said: "We were left in a very difficult position when our previous funder restricted our facility and were unsure how we would continue to grow the business.
"Thankfully Positive stepped in at short notice which gave us the peace of mind of knowing we had a supportive funder behind us."
David Smith, managing director at Positive Cashflow Finance, added: "We are delighted to have been introduced to Tom and Barbara and look forward to assisting them achieve their goals over the next 12 months.
"Businesses such as Logistex need to know that the funding is available to allow them to continue to grow without the worry of whether the funding could be restricted at any time."