The company was originally born as Sunbury Catering in 1980. Owner Barry Seaman acquired Richmond Caterers 10 years later, and merged the two companies under the more successful brand.
During the early development of the Invoice Finance industry, Barry found that the existing providers were biased towards lending to manufacturing firms with tangible assets against which to leverage financial risk. He also found that traditional banks were reluctant to lend to companies within the service sector – and so he sought the services of a flexible, accessible funding partner.
ABN AMRO Commercial Finance tailored a solution that enabled the business to achieve their ambitions. An Invoice Finance package was created to enable the business to continue with their plans for growth – working in partnership, every step of the way.
“Invoice Finance was an extremely attractive option to a service company like mine,” says Barry. “This was particularly relevant as the nature of my work necessitates long periods out of the office, making less time available for administrative tasks, such as chasing payment.”
The solution provided Richmond Catering with a low debt turn of between 30 and 40 days, allowing the company to stabilise cashflow. The company also benefitted from financial headroom to develop the company’s full potential.
The partnership with ABN AMRO Commercial Finance has been successful and mutually beneficial, and continues to this day.
“Right from the start, I was impressed with ABN AMRO’s willingness to truly understand the needs of my business, a characteristic that has never diminished over the years” comments Barry. “In contrast to the attitude of my bank, ABN AMRO Commercial Finance has consistently treated me as a valued client.”