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Client Case Study – AAC Waterproofing Ltd

 

AAC Waterproofing Ltd (AAC) have announced a record year following the addition of Seneca Trade Partners stock finance facility.

AAC supplies and installs flat roof materials for new build and refurbished commercial and domestic buildings across Wales and North West England. Seneca provided AAC with a stock finance facility back in November 2022, on the basis that their order book for 2023 was shaping up to be a record-breaking one for the company.

Bigger contracts come with increased upfront purchasing costs and AAC were keen to ensure that delivery of their projects would not be impacted by working capital constraints as the company grew.

Funding materials that are going into installation can be a tricky area for many stock funders. At Seneca we pride ourselves on offering the UK’s most flexible stock finance; we never ask our clients to alter the way they use stock we have financed, or to alter any contractual arrangements between themselves and their customers to make reference to financed stock. After all, our clients are the experts in their field so we trust them to get on with their job, whilst we undertake to make funds available at their request. It’s a stock financing model that has served us well since we started in 2016.

Stock purchases and repayments are not tied to individual project completion with a Seneca facility, and we do not charge any service fees or non-utilisation fees. Our clients only use their stock finance facility when they need it, and they can pay it back in full or in part, when it best suits them to do so.

With the assistance of a Seneca stock finance facility, AAC increased their turnover by 48% in 2023 compared to the previous year. AAC remain a valued Seneca client and will be using their flexible stock finance facility to assist with the even larger 2024 order book.

Any sector? You bet!

 

After a record month in July, August and September have been slightly less frantic in terms of onboarding new clients, however we’ve still provided over £1.3m of stock funding to new clients across a range of sectors.

One of the most interesting aspects of stock finance is that we never know what deals are going to come through the door each day. Our network of business introducers operates across all sectors and the clients that they introduce to us deal with suppliers from all over the world. For a relatively small team headquartered in the North of England this means we are perhaps unusually exposed to the intricacies of global trade to a level that many large Banks probably aren’t. There are no territories or sectors that we rule out (unlike Banks!) and the core of our proposition is providing funding and technology that allows our clients to punch above their weight in terms of trading.  As our technology continues to advance it is getting easier for us, our clients and our introducers to engage with each other, which saves everyone time and money.

We’re committed to remaining the UK’s most flexible stock finance provider and we continue to invest heavily in our systems. This brings benefits to our clients across all sectors.

 

Another record month of new client facilities

 

July was another record month for us. We completed 11 new deals with total new facilities of over £1m.

Why are we busy? It’s the same reason as always. UK SME owners are world leaders in putting their shoulder to the wheel when it comes to sourcing stock from suppliers all over the world and satisfying UK consumer demand for products. Difficult times just seem to bring out the best in them.

Consumer trends move fast these days and we’ve invested heavily in our business over the last 7 years to ensure that we are not a bottleneck when it comes to quick-turn buying and selling. Our technology allows for quick decision-making and rapid deployment of funds for both new and existing client transactions. This speed also allows our clients to maximise the value of the transactions they are undertaking and it’s one of the main contributors to the growth that we are experiencing.

The best way to grow revenue is to turn orders into sales as quickly as possible. A Stock Finance facility from Seneca is a key component in delivering such growth for an increasing number of UK SMEs.

New Trade Portal App role out is continuing at pace

 

The main topic of conversation in the office recently (other than day to day stock finance) has been the next phase of our IT project, as we have been playing host to our overseas-based software development team in our office for a number of days, whilst they are on a visit to the UK.

We posted back in November that the first iteration of our bespoke client trade portal App was live and since that time we have continued to add new and existing clients onto the App. Our desktop or smart phone-based App allows clients to monitor their revolving stock finance facilities in real-time. We’ve been delighted with the engagement and enthusiasm shown towards the App by many of our clients, and we are working on a number of additional upgrades that will add even greater functionality over the coming months. After so much effort by so many people, it’s been great to see the App in action and assisting our clients with growing their businesses across all kinds of sectors.

In parallel to the client-side portal, our internal CRM system is continuing to receive big upgrades. We are now at the point where our invoicing and statement generation is fully automated. For a revolving stock finance business like ours, the time saving in terms of people-power in this area are huge, and as more time is freed up by these automations we are able to focus our human resources on the specific needs of existing and new clients, rather than being bogged down in paper work. We are now working on adding various API based plugins to allow the system to interface with a number of third party data sources, which will open up a whole new tier of functionality.  Exciting times.

Seneca Trade Portal home screen displayed on a laptop screen

Introducing our new Seneca Trade Portal

Seneca Trade Portal home screen displayed on a laptop screen

It’s finally here! After months of hard work behind the scenes, we’re delighted to be launching the new Seneca Trade Portal.

The Seneca Trade Portal puts our clients in greater control of their finances and Seneca Trade accounts, providing them with access to their account information wherever they are, whenever they want it. Clients can check their capital balance, facility limits, recent transactions and upcoming repayments directly from their mobile phone, tablet or computer.

Over the past few years, we’ve invested heavily in building our technology capabilities at Seneca Trade Partners, including developing our own bespoke IT system. This system, combined with the Seneca Trade Portal, enables us to provide a better service for our clients with faster processing times and greater account transparency, all while keeping our high level of personalised service.

Access to the Seneca Trade Portal has been rolling out to our clients over the past few weeks and so far the feedback has been overwhelmingly positive. We think our Seneca Trade Portal is an industry-first development and we want to make sure it meets the needs of our clients and businesses. We are inviting feedback from users about the platform and what features would be useful to include as we continue to develop and grow the technology.

Since we started Seneca Trade Partners six years ago, we’ve seen rapid growth. We’ve helped more than 200 clients and recently hit a fantastic milestone – £11m active funds out for the first time. As we look to continue this growth, this platform and client app will help us to propel our business and what we can offer our clients into the next phase

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