Invoice Finance facility provides Attinger Jack with cash flow for expansion plans

A Bath-based advertising agency is set to take turnover to £15 million in the next year after securing an invoice finance facility from Lloyds TSB Commercial Finance.

Attinger Jack plans, purchases and produces advertising for direct sales clients including Garden Bargains and Tool Station.

Established in 1980, the company was bought by advertising agency Round 2 International UK, in the summer of 2010 but, due to funding issues, was placed into administration later that year.

Former owner David Attinger led a staff buyout to save the business in December 2010, safeguarding jobs at the firm.

Having retained its clients and employees, Attinger Jack needed additional growth funding to implement its short and mid-term expansion plans.

The company approached Lloyds TSB Commercial Finance and secured an invoice finance facility to increase its financial headroom and allow the management team to concentrate on growing the company.

Based on the value of issued invoices, this form of funding is fully flexible and grows in-line with sales.

As a result of the finance boost, the business is set to take turnover to £15 million in the next year and is looking to expand its offering to include customer databases.

David Attinger, managing director of Attinger Jack, said: “The buyout affected our credit rating, and in order to grow the business we needed a cash injection.

“The invoice finance facility was ideal as it is based on our issued invoices and, as we retained our client base, we were able to generate finance to invest in our expansion strategy immediately. As a result, the company is now in a strong position to grow and increase turnover.”

Jayne Williams, regional manager, Lloyds TSB Commercial Finance, said: “Attinger Jack works in a changeable industry, where new forms of media continue to emerge and creative briefs constantly expand.

“In order to stay on top of demand and be in a position to provide the best possible service, an invoice finance facility was essential to keep the firm’s cash flow free to invest in growth.

Attinger Jack also switched its banking facilities to Lloyds Bank Corporate Markets for day-to-day support from the bank’s local team.

Mark Newman, relationship director at Lloyds Bank Corporate Markets, said: “I have known David for a long time and have followed his successes. This round of funding will support Attinger Jack as it moves through the next phase of its growth cycle.”

April 2011