Brookvex Technical Services
The Brookvex Group is an amalgamation of four associated companies that work both independently and in unison to meet the needs of all of the Group’s customers. One of the divisions - Brookvex Technical Services is a leading provider of infrastructure managed solutions. For the last 23 years, Brookvex’s independence coupled with its engineering expertise means the company can advise on the products and solutions that suit its clients objectives and the environment in which they operate. This stems from an understanding of core infrastructure, whether that be telecommunications, electrical, security and so on.
As Brookvex Technical began to mature and grow its offering, it faced a major challenge in securing a reliable cashflow stream to help with its expansion plans. Furthermore, the management team found that its core service – contract work – came with slow payment, sometimes taking an extremely long time.
As a fast-growing small business, Brookvex Technical Services decided to investigate using an independent commercial finance company to improve cashflow. Brookvex wanted a finance partner which had extensive experience with fast growing companies and start-ups. Furthermore, the management team wanted to develop a long-term relationship with its finance company, which would ensure that the funding would be in place to support Brookvex as the business grew and launched a new business, Brookvex Eco Division . Most importantly, Brookvex Technical wanted to ensure that cashflow was not a drag on growth, so that it could always pay its employees and suppliers in a timely manner as well as investing in the business. As a result, Brookvex Technical turned to IGF, one of the leading independent commercial finance companies in the UK.
Mike Davidson, managing director of Brookvex Technical Services explains,
“We decided on IGF because the company had a good reputation and a good cultural fit with us. We felt comfortable with the team at IGF and knew from the start that the team there would get the job done and to a good standard. Most importantly, we needed a factoring company which would help us to advance monies against invoices in order to help our new business grow and develop, whilst also maintaining liquidity.”
“Our Brookvex Eco Division division is currently working with the London Underground. Our initial trial was with Charing Cross Station and it was a great success. IGF was certainly instrumental in this procedure and its support with our cashflow really helped to establish and grow our business. This will be even more important next year, as we grow the business and expand the number of trials with new clients.”
The IGF Solution
IGF analysed the issues facing a company like Brookvex – both long and short-term – and offered the most flexible and cost-effective package, tailored to meet the company’s business and cashflow needs. Through invoice finance, IGF enables Brookvex to draw down cash as and when required - prior to invoice settlement dates – thereby smoothing the peaks and troughs in the company’s cashflow.
Mike Davidson explains,
“In the ‘age of austerity’ everyone is looking at how they can improve their financial management. IGF offered us a solution that allowed us to do improve cashflow. The big banks tend to be very regimented in their lending and factoring facilities, while IGF offered a tailored approach to our challenges. The business relationship is absolutely vital. We have built this relationship with the team at IGF and we rely on their openness and honesty.”
Tracy Ewen, managing director at IGF said:
“The issues that Brookvex faced as a growing company are quite common for SMEs. Raising finance effectively and then using cashflow (in this case, freed up through invoice finance facilities) is vital to any growth company. This was especially relevant for the Brookvex Eco Division start- up in the Brookvex group.”
“We have been working with Brookvex Techincal Services for some time now, so we’ve seen how IGF’s services have helped to shape the business into a thriving enterprise. Most importantly we looked at Brookvex Technical as a business in its own right with its own challenges and opportunities. We have tried to provide Brookvex Technical with a facility that works for the company and is flexible enough to support Brookvex as it grows and establishes new start-ups within the group.”
IGF has tailored finance solutions for Brookvex, from giving the company the initial financial lift required to grow the business with the right cashflow under its belt and establish Brookvex Eco Division . The relationship built with IGF has enabled Brookvex it to plan and co-ordinate its growth strategy and ensure that all the company’s finances are in good shape for years to come.
Benefits experienced by Brookvex Technical Services through IGF services:
- Locally-based service
- Ease of contact/accessibility
- Excellent business relationships
- Service is bespoke to the needs of the company, which is looked at on a case by case and individual basis
- Cost-effective finance and cashflow smoothing
- Tailored service developed in line with Brookvex’s business goals and strategy