Tony Platts, Director & Owner – First Factor Finance Ltd

 Tony Platts is the Co-Owner of three websites that specialise in invoice, asset, trade and stock finance. Tony’s work involves helping start-ups through to large SMEs to find the appropriate solutions through a national network of finance partners.


Tony Platts is the Co-Owner of three websites that specialise in invoice, asset, trade and stock finance. Tony’s work involves helping start-ups through to large SMEs to find the appropriate solutions through a national network of finance partners.

Tony Platts is the Co-Owner of three websites that specialise in invoice, asset, trade and stock finance. Tony’s work involves helping start-ups through to large SMEs to find the appropriate solutions through a national network of finance partners. His current work involves placing all types of specialist finance business for all sizes of company in many different fields across the UK, utilising the experience and knowledge gained in diverse specialist roles in a large banking group.

Tony worked for Yorkshire Bank for 25 years in 8 locations across the UK and his specialism was sales management in asset and invoice finance. He sought voluntary early retirement in 2006 in order to pursue other business ideas. His final role was National Sales Manager for Asset Finance for the Yorkshire & Clydesdale Bank Brands.

Tony has extensive experience of all types of invoice & asset finance, and how to source the best deal for client companies in today’s challenging financial environment. Additionally, Tony has developed and performance-managed successful sales teams in the business finance environment through two recessions.

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Home is where the heart is for factoring finance expert’s new firm

Tony Platts is the Co-Owner of three websites that specialise in invoice, asset, trade and stock finance. Tony’s work involves helping start-ups through to large SMEs to find the appropriate solutions through a national network of finance partners.

Tony Platts is the Co-Owner of three websites that specialise in invoice, asset, trade and stock finance. Tony’s work involves helping start-ups through to large SMEs to find the appropriate solutions through a national network of finance partners.

Finance expert Tony Platts returned to Hull after nearly 30 years to offer his invoice finance expertise to the region’s businesses.

Mr Platts runs First Factor UK, which acts as an online brokerage for factoring, invoice discounting and trade and asset finance, from his office on Marlborough Avenue. Mr Platts, 54, set up the company two years ago after 25 years at Yorkshire and Clydesdale Bank and two short stints at the Bank of Ireland and Venture Finance.

Having been bought up in the East Riding Mr Platts returned to the area a year ago and is now hoping to market First Factor UK to local companies.

Since launching First Factor he has helped about 300 organisations access funding but none of them have been in East Yorkshire.

He feels the area offers an untapped pool of potential clients. Mr Platt said: “Invoice finance is a very popular product these days in the light of how the banks are acting.
“It allows people to raise funds or ease cashflow through other means. “At the moment my business comes from all over the UK but there have got to be potential customers around here.

“Now I am based here I would like to start working with some of these firms.”

During his years working his way up from a trainee to managing partner at Yorkshire and Clydesdale Bank’s national asset finance sales, Mr Platts built up an extensive list of contacts in the finance world, giving him access to a wide range of potential funders.
In the absence of easy bank lending Mr Platts can help businesses access these alternative sources of cash.

He said: “We offer a wholly independent service as we are not tied to any one particular company.

“We have arrangements with many players whether it is for one invoice deal or full factoring or invoice services.

“We can access all the funders that are open for business.” Mr Platt says his key selling point is in saving people time.

As an independent broker he can find the an appropriate lender for all scenarios. He said: “Banks offer invoice finance services in house but the problem is that if you are not a customer they may not look at you in the same way. “If people go to their accountant they will have a particular invoice lender they will go to. “We can just go straight to the best lender for what the client requires.”

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Tandem Invoice Finance

Tandem Invoice Finance are a Chichester based business that specialises in selective invoice discounting, allowing SMEs to release funds from single invoices without having to commit to ongoing or long-term contracts.

Tandem UK’s clients can raise capital from invoices on an invoice-to-invoice basis, allowing them to improve cash flow when required. Up to 90% of the value of an invoice can be advanced and the facility can be used over and over again. Once an invoice has settled there is no ongoing commitment, and only a single fee is charged per invoice.

Selective invoice discounting gives small and medium-sized businesses access to a finance service tailored to their specific cash flow requirements. Tandem also offer a number of other financial services and products including factoring, confidential invoice discounting, purchase order finance, credit management, trade finance and credit limit discounting.

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Tandem Invoice Finance Ltd join the NACFB

The NACFB are delighted to announce that Tandem Invoice Finance Ltd have joined the association as patrons. The NACFB look forward to working closely withTandem in the future.

Tandem Invoice Finance Limited

Tandem Invoice Finance is a NACFB Patron whose specialised invoice financeservices give SMEs the power of financial flexibility.

Who are Tandem Invoice Finance?

Tandem Invoice Finance was established two years ago to offer an alternative to traditional invoice finance products, bringing innovation and choice to the market. Although we offer short term facilities, our true speciality is Selective InvoiceDiscounting which allows companies to release funds from single invoices without having to commit to ongoing or long-term contracts.

At a time when credit is limited and rising late payments are putting pressure on small and medium-sized businesses, our inventive invoice finance products and our commitment to customer service provide companies with the flexibility to maintain cash flow and healthy client relationships.

Selective Invoice Discounting

Selective Invoice Discounting is an invoice finance facility designed to provide small and medium-sized businesses with immediate access to capital without the burden of a long-term contract.

Selective Invoice Discounting clients can raise capital from invoices on an invoice-to-invoice basis, allowing them to stimulate cash flow as and when required. Up to 90% of the value of an invoice can be advanced and the facility can be used over and over again. Once an invoice has settled there is no ongoing commitment, and only a single fee is charged per invoice.

Selective invoice discounting gives small and medium-sized businesses access to a finance service tailored to their specific cash flow requirements.

Benefits of Tandem Invoice Finance

  • Flexibility – invoice finance on an invoice-to-invoice basis
  • No ongoing or long-term contracts
  • Quick access to capital
  • Transparent charging structure – one single fee per invoice
  • High level of customer service

Tandem Invoice Finance service guarantee

Tandem Invoice Finance is dedicated to providing excellent customer service. We know that our reputation rests on our ability to successfully meet the changing needs of small business finance with a service that offers flexibility, transparency and reassurance.

We aim to build long term relationships with a focus on customer service. The best testimony to the way we do business is that over 70% of our customers return to use our services, even though there’s no obligation to do so.

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Principles of factoring and invoice discounting

Factoring is the purchase by the factor and the sale by a company (the “customer”) of book debts on a continuing basis, usually for immediate cash. The sales accounting functions are then provided by the factor who manages the customer’s sales ledger and the collection of accounts under the terms previously agreed between the customer and its clients.  The factor may assume the credit risk for accounts within agreed limits (non-recourse), or this risk may be retained by the customer (recourse).

Invoice discounting is an arrangement similar to recourse factoring, where the customer retains responsibility for administering its sales ledger, maintaining books of account, and collecting outstanding debtors for the account of the invoice discounter. The debtor is usually unaware of the arrangement, described as confidential invoice discounting, or, if the debtor has been notified of the arrangement, this is described as disclosed invoice discounting.

Typically, a company can draw up to 80% of a gross invoice on presentation of that invoice to the factor. The balance becomes payable when the invoice monies are received.

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Glossary Of Principal Factoring Terms

  • Customer: the customer of the factor or invoice discounter which enters into an arrangement to factor or discount debts.
  •  Debtor: a trade debtor of the customer.
  • Debts: the debts due by a debtor to the customer
  • Factor: a provider of factoring and invoice discounting services.
  • Factored turnoverthe total value of debts assigned by customers of factoring or invoice discounting businesses.
  • Factoring: an arrangement whereby a customer assigns its debts to a factor for cash.  Additionally, the factor will provide an administrative sales ledger service to the customer including sales ledger accounting, credit control and collection.
  • Invoice discounting:  an arrangement similar to recourse factoring whereby the customer retains responsibility for administering its sales ledger, maintaining books of account, and collecting outstanding debtors for the account of the invoice discounter.  The debtor is usually unaware of the arrangement, described as    confidential    invoice discounting. If the debtor has been notified of the arrangement this is described as disclosed invoice discounting.
  • Non-recourse factoring: a factoring arrangement that includes the provision of a factoring service with the additional benefit to the customer of protection, up to specified limits, by the factor against non-payment by debtors of the customer.
  • Recourse factoring: a factoring arrangement that does not include the provision to the customer of protection by the factor against non-payment by debtors of the customer such that the factor has recourse to the customer in the event of default by debtors.
  • Sales finance: the generic term which the Company applies to its service arrangements and which encompasses recourse factoring, invoice discounting and any hybrid service of the two. It does not include non-recourse arrangements which would require the Company to provide protection against bad debts to the customer. Sales finance provides a tailored agreement whereby the level of sales ledger administration, credit control and collection is varied according to the needs of the customer and with respect to the individual trading relationship maintained with each debtor. The service may or may not require the debtors to be aware of the arrangements and therefore will fall broadly into one of two types, disclosed sales finance or undisclosed sales finance.
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Cashflow and debt management are key elements to the success of any business in a growth phase.

Cashflow and debt management are key elements to the success of any business in a growth phase. Turnover growth can place a severe strain on Cashflow. Orders come in, the goods are manufactured and dispatched, and then, the long wait for payment begins. “Oh great, a sale” is all to often replaced with “will this company pay up and when?” Surges in demand, investment in new stock, plant & equipment, and staff are to blame for draining cash resources. For many businesses, the only way out is to liberate cashflow on the strength of an order book rather than a balance sheet. How? Invoice Finance, a source of business finance in the UK for the past 35 years.

Invoice Finance is one of the more flexible, low-cost options for businesses looking for additional working capital, by releasing, up to 85% of an outstanding debtor book, immediately. Credit sales become cash sales; the more you sell, the more an Invoice Financier makes available, helping cashflow become more predictable and sustainable through a growth phase. To mitigate the every present threat of bad debts often Invoice Financiers, can provide optional bad debt cover and peace of mind.

Recent developments have seen some Banks integrating Invoice Finance, seamlessly with traditional products such as overdrafts and term loans etc. providing the Bank with the ability to “package” the right facilities for the right circumstances.

Put simply, Invoice Finance either disclosed or undisclosed can guarantee cash flow to a business. In return, it demands a certain amount of discipline as to whom the company extends credit too. But at the end of the day, it often means the difference between a business surviving strong sales growth or calling in the liquidators. As John Harvey-Jones said, “cash shortage is self accelerating and hits with the speed and destructive force of a typhoon”. 

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The fact is that conventional forms of finance are often insufficient

With the changing economic climate your business could be in danger of suffering from its success.  How?  Surprisingly, through its funding.  The fact is that conventional forms of finance are often insufficient, restrictive or simply out of date – how can you plan for the future with funding that is set in the past.

Maybe it’s time for you to take an alternative approach? Contact us to find out more

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With Factoring, you will receive up to 80% of the value of all outstanding invoices

How much of your company’s money is tied up in unpaid invoices? How much money that should be in your company’s business account is still in someone else’s? Money that’s been earned. Money that could be used for investment or expansion.

With Factoring, you will receive up to 80% of the value of all outstanding invoices within 48 hours. There are no pre-set limits either. The more your business earns, the more cash can be made available.

And if you’re afraid you’ll lose clients by insisting on prompt payment, don’t be.

Factoring Companies don’t interfere with the relationships you have built up with your clients at all. All they do is make sure that your company’s cashflow improves.

To find out more about how Factoring can improve your cashflow, contact us.

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Could you benefit from immediate payment of your sales ledger?

  • Working capital tied up in trade debtors?
  • Suffering from waiting 90 days for payment of invoices?
  • Could you benefit from immediate payment of your sales ledger?

If the answer is ‘Yes’ to one or all three of these questions, then Factoring could be the answer to all your cash flow problems.

Cash flow problems ?

Are you one of the many businesses that wish to grow, but are unable to do so due to lack of cash flow?

If you are then Factoring  services could be the solution you have been looking for to turn your sales invoices into instant cash.  Thus enabling greater working capital available to expand your business, whether it be taking advantage of supplier discounts or just buying more raw materials.

With Factoring finance, up to a maximum of 80% of your sales invoices will be available for your use. Whether you use this capital or not, it is entirely up to you whether it be for working capital to even out the peaks and troughs in your operating cycle or maximise profitable opportunities such as bulk buying of raw materials to lower your cost base.

Two services are available to you and provided our entry criteria is met, the choice is up to you as to which product you wish to utilise.

Full Service Factoring

Full service Factoring brings professional management to your sales ledger, plus a funding facility that grows in line with the value of your sales ledger freeing up funds locked up in sales invoices.

As part of this service, a Factoring Company  will undertake full control over your sales ledger leaving you to utilise your valuable time more efficiently.

You will also find a Factoring Companies administration service will provide a dedicated Credit Controller to your business who will act in accordance with your rules & regulations regarding customer payments, statement frequencies and the best way in which to deal with your customers.

You will be able to draw up to 90% of the value of credit-approved invoices the next working day once we have received a copy invoice.  The balance outstanding will then be paid to yourself less a small administration charge when your customer pays.

Cash flow finance is similar to an overdraft, and monthly costs are calculated on the outstanding debit balance at an agreed rate over Bank Base Rate.

As for the administration charge, you will only pay 0.05%-3% of the Invoice value, which although may seem quite expensive initially, the savings will soon become evident as these charges will match your transactional banking charges plus give you the time to pursue other important areas of your business due to time freed up through ourselves managing your sales ledger.

Invoice Discounting

Although similar to Full Service product, the variance is simply that you are able to convert sales invoices into cash without your customers ever being aware of the factoring Companies involvement, as you retain control of your sales ledger.

Similar to Full Service Factoring, 80% of your credit approved invoices is immediately available.  You simply input the invoice details into your PC to notify the factoring Company and by the next working day the funds will be available to your business to use.

The remaining balance due to yourself will be paid direct to your bank account less.

Optional Bad Debt insurance

No matter how well you run your business, without effective protection, bad debts pose a constant threat; indeed just one debt may be enough to put your business out of business.

Bad Debt Protection Service gives you the peace of mind of insurance of up to 90% of the debt.

A unique product designed especially for cash flow finance services, it is flexible and easy to arrange.  The factoring company simply identifies a trading limit for your customer, usually within 24 hours of your request, taking into account your needs and their credit-worthiness.

Provided the debt is not disputed, you are fully guaranteed for invoices that fall within the trading limit, subject to initial excess.

Factoring online access

Knowledge is power, and even more powerful when you are provided with the above enabling you to identify your current financial position.

Everything the factoring Company sees, you see on screen, from sales notified to the factoring Company and payments received from customers to an up-to-date minute record of the cash at your disposal is available at the press of a button.

You may also want to use the system to transfer monies from account to account which you have at your disposal, the same day if required.

Factoring is an excellent service, just consider some of the benefits listed below and see if any of them could be applicable to your business and how they would help you:-

  • Being paid the moment you invoice
  • on-going supply of working capital for growth and market opportunities.
  • Freedom of the threat of bad debts
  • Professional sales ledge administration
  • Making net-cost savings at the same time

Talk to your local Debtor Finance experts on 0845 643 4611 who will be happy to take your call and any queries you may have.

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