ReSolve help Proficient Security with ambitious growth plans.
Security Services. Breakthrough Capital
Essex-based Proficient Security specialises in providing security services to a range of clients including Embassies, HNWIs, construction and education firms, with a £5m yearly turnover. The security services industry suffers from an inherent cash flow challenge – many firms face the challenge of bridging the gap between paying weekly operating expenses such as staff and subcontracted service costs, and waiting 90 days to receive payment from their customers. As a consequence, despite ambitious growth plans, a strong product offering and an impressive client list, Proficient Security found itself in the frustrating position of fighting to keep the business afloat. While invoice finance was seen as an option, the Company’s invoice funding supplier was not fit for purpose, becoming part of the problem rather than the solution.
Pulse Cashflow Finance and ReSolve provided an immediate injection of £600k against outstanding invoices with an ongoing finance facility of £1 million to support the cash flow gap. ReSolve worked with stakeholders quickly and efficiently to enable the firm’s management team and staff to execute their plan effectively within the tight timescales needed. This gave a platform for Proficient Security to not only continue trading but to continue planning for growth.
As a result of the intervention, Proficient Security’s cash flow stabilised and the firm has built a substantial pipeline, and its ambitious growth plans are fast becoming a reality.
Cameron Gunn, Principal at ReSolve: “It was rewarding to be part of a focused team ensuring the right partners and funding were in place for the future success of staff, management, owners, customers and suppliers.”
Michael Mulvaney, CEO of Proficient Security: “It was refreshing to do business with Pulse Cashflow Finance and ReSolve. They demonstrated belief in my business and committed to funding so that we can continue trading.”