Fenwick Brothers achieves fivefold growth with Ultimate Finance support

Agriculture and haulage business Fenwick Brothers has increased its turnover fivefold over the past decade, supported by an Invoice Finance facility from Ultimate Finance that helped the company improve cashflow and fund its expansion.

The business first approached Ultimate Finance in 2016 after experiencing cashflow pressures and difficulties securing flexible financial support from traditional high street lenders.

At the time, Fenwick Brothers was looking for a funding solution that would provide greater certainty over working capital and allow it to pursue new business opportunities.

Jonathan Fenwick, Director at Fenwick Brothers, said: “High street banks have lost their personal contact and understanding of business. All they wanted was more cashflow forecasts and budgets, and they were very long-winded in giving answers, let alone support.”

Initially sceptical about Invoice Finance, Fenwick said his perception changed after discussions with Ultimate Finance demonstrated how the facility could support the company’s operations.

“Our impression was that Invoice Finance was too challenging to be viable, but as we came to find out, that was far from the truth.”

The facility enabled Fenwick Brothers to release working capital tied up in outstanding invoices, reducing cashflow pressures and providing funding that could grow alongside its sales.

Fenwick explained: “It took a marvellous burden from us of continually being short of cash, which allowed us to concentrate on growing and finding new customers.”

As the business expanded, Ultimate Finance continued to adapt the facility to its changing requirements, including extending funding arrangements and accommodating new customers.

“There has never been any problem extending the facility and bringing on new debtors,” Fenwick added. “Emma and Jane have helped us brilliantly, finding short-term ways of providing a little extra now and then, something banks probably wouldn’t have accommodated.”

Over the following decade, Fenwick Brothers expanded into a more established transport business, growing its customer base and increasing turnover fivefold.

“Within the last ten years we have been able to grow turnover fivefold,” Fenwick said. “Today, we are, with the help of Ultimate Finance, a more recognised and established transport company attracting many new good customers.”

The company has now reached a position where it no longer requires external funding support.

Jane Ruthven, Relationship Manager at Ultimate Finance, said: “The progress Fenwick Brothers has made over the past decade shows what can be achieved when funding is aligned with the realities of a growing business.

“Seeing the company strengthen its position to the point where external funding was no longer required is a very positive outcome.”

Fenwick credited the long-term relationship with Ultimate Finance for helping the business achieve its growth ambitions.

“This would not have been possible without the great support from Ultimate Finance, and I will be eternally grateful,” he concluded.