Factoring case studies
How factoring helps Cuckoo Ltd
Cuckoo Ltd are based in Harrogate, and are the UK and European distributors of Mary Meyer soft toys - toys suitable for children from birth upward. Mary Meyer Corp of the USA celebrates seventy years of supplying toys such as Flip Flops, Sweet Rascals and Huggins in 2003.
Much of Cuckoo's business relies on imports, therefore ordering can be chunky and spasmodic, putting a strain on cash flow. In 1992, they approached Alex Lawrie Factors (a division Lloyds TSB Commercial Finance) for a solution to this lumpy cash flow and were introduced to factoring.
Eleven years on, Cuckoo now enjoy a 75% advance against their invoices, with the balance made available when their customers pay their debts. With many of Cuckoo's customers across Europe Alex Lawrie Factors also help out with the credit management of the sales ledger.
Director, Tony Eves comments," With adequate cash flow at our command we've been able to expand as appropriate. "
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