James Bingham, Managing Director, Redwood Business Finance: “If there are cash flow concerns, then the earlier a client engages with a broker, the better the outcome will be."
Published: March 24, 2022 | Updated: 24th March 2022
A business finance consultancy has secured nearly £30m of funding for clients in its first two years of trading.
Bournemouth-based Redwood Business Finance was launched by James Bingham, Managing Director, in March 2020, just before the world went into lockdown.
The 40-year-old felt there was a gap in the market for independent advice for businesses looking for working capital solutions.
While regarded by many as not the ideal time to launch a new venture, for James it meant that he could provide a service that was needed more than ever before.
He’s now helped to secure and finalise 47 business finance solutions, raising over £29m for his clients.
The consultancy assists business owners and finance managers to navigate the complex maze of finance solutions that are available to them.
The support is often in times of high demand and rapid growth when extra funds need to be raised quickly.
But it can also be when businesses are feeling the pinch.
Invoice finance and asset refinance are two such effective finance solutions that Redwood Business Finance can help secure to improve a business’ cash flow.
Invoice finance provides a cash advance against an invoice on the day it is raised, rather than waiting for a client to pay.
And asset refinance raises cash against the value of existing assets on a business’ balance sheet.
Dorset businesses supported by Redwood Business Finance this year include a £1.28 million asset refinance for a civil engineering business and invoice finance facilities for a meat wholesaler (£1 million), plumbing and heating supplies wholesaler (£500k) and manufacturer (£150k).
James said: “When I set up my business two years ago, just before the world locked down, I couldn’t believe the unexpected turn of events.
“After all the planning that had gone into launching the business, and the excitement and anticipation, everything initially fell a little flat.
“But then I realised the potential Redwood Business Finance had to really help other business owners.
“All were facing a similar situation and might be struggling themselves.
“I was able to provide an empathetic approach to helping them.
“And, I am thankful to these businesses for entrusting us with their business finance needs – it is because of them that I have been able to turn a dream into a reality.
“But there is more to do yet.”
James said in the current uncertain times businesses with strong balance sheets and access to cash were best placed to survive and thrive over the coming weeks and months.
He said his motivation behind setting up Redwood Business Finance was primarily to be able to help more businesses.
James said: “Working for a lender, you can only ‘sell’ their products and they aren’t fit for all.
“There are almost 100 invoice finance providers in the UK and I can now use each one.
“What’s more, I know many of the lenders first-hand having worked for them previously.
“If there are cash flow concerns, then the earlier a client engages with a broker, the better the outcome will be.
“Time is an ally.”
