A Midland-based car prototype manufacturer has turned to Platform Black to improve cash flow at the company.
Pinnacle Design has a huge international client base, which is one of the firm’s great strengths, but it can only occasionally stretch its cash flow so needed to find an alternative way to keep the cash flowing.
After examining many options, suggested by their financial advisers Nicholls & Roe, they decided that Platform Black stood out for them, with the reasons being other platforms:
- Had technical issues
- Were less flexible
- Didn’t quite cater for what they were looking for
The car manufacturing company has been designing and building show-stopping car prototypes and models for the last 15 years and has a team of experienced staff working across three sites. Their work tends to be project-based and time-intensive, so it is vital that they keep a firm grip on cash flow.
Mr. Lawrence explained Pinnacle Design decided to choose Platform Black’s Instant Funding option despite being very impressed with the auction service that Platform Black also offer.
“Platform Black allows you to auction invoices – and the competition element as buyers compete to advance the money can make it a very cost-efficient source of finance.
“But because we needed the funds quickly, we chose Platform Black’s Instant Funding option. While it may cost more, it is simple and very efficient – the money can be in your account on the same day.”
Pinnacle Design has used Platform Black twice and have now returned for a third time for a client based in India, Lawrence added:
Every time we’ve used the service, Platform Black got our money to us in good time. I suppose you could say Platform Black is a bit of a savior; it allows us to keep working with our clients on the larger projects.