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.