An East Yorkshire timber specialist has reaped the rewards of a decade-long partnership with its finance provider as it doubles its annual turnover.
Melton-based Bayram Timber partnered with invoice finance provider Skipton Business Finance (SBF) over 10 years ago when its previous financier ended funding in the midst of the credit crunch.
Since partnering with SBF after the recession, Bayram Timber has increased its annual turnover from around £12 million to £24 million and increased employee numbers from 99 to 165.
Ian Jordan, Financial Director at Bayram Timber, commented: “Despite the challenging economic times we have worked hard as a business to achieve this growth. Skipton Business Finance offered us a chance at a time when others were less willing and over a decade later this partnership continues to pay off.”
He added: “Our original funder was no longer willing to fund invoices with the clients we had in the caravan manufacturing market, which was also struggling at the time of the credit crunch.
“We had to search for alternative options and were rejected by the large business bank lenders. We did receive alternative funding offers but they were either insufficient to meet our working capital requirements or had restrictive conditions attached”
Greg Bell, Managing Director at Skipton Business Finance, commented: “It’s more important than ever to work with people you trust and who trust you. Strong partnerships can really help businesses get through difficult times as you can manage the risk together.”
Baryam Timber is market leader in the provision of bespoke timber products, largely supplying Scandinavian softwoods to the UK caravan manufacturing market, as well as to garden building manufacturers and fencing contractors.
A subsidiary of Skipton Building Society, Skipton Business Finance is a leading independent factoring and invoice discounting provider, offering a range of working capital solutions for businesses with annual sales ranging from new-start to £30m.