Subseaquence agrees Â£400,000 factoring facility
Offshore drilling industry specialist Subseaquence, which has operations in Kent, has agreed an invoice finance deal of £400,000 to help drive its rapid growth.
RBS Invoice Finance (RBSIF) will provide a factoring facility to the company which will help it to fulfil more contracts, take on more staff and expand the business.
Established in October 2013 by Rex Makin and Perry Reid, the company reported turnover of about £800,000 in its first year. Its second year projection is £1.6m now the factoring facility is in place.
Makin said the funding should allow the company to achieve its short term aspirations and expects RBSIF's experience within its sector to "grow our business further".
"We supply a very high calibre of experienced and sought after personnel, probably in the top 5 per cent in their field, so they obviously demand very high salaries and these large outlays were hampering our growth," added Makin. "We needed a finance partner, like RBS Invoice Finance, to move the business forward and secure further contracts."
Steve Taylor, RBS Invoice Finance Manager, added: "I am delighted to welcome Rex, Perry and the team to RBS Invoice Finance and look forward to seeing their specialised business prosper as a direct result of the Factoring Facility we have provided."