Artificial Christmas tree manufacturer, Forests International Ltd ("Forests"), was founded by William Tang in Dongguan in 2001. Within 10 years, the business had grown rapidly due to building a reputation for high quality products and customer service. However, large orders and long credit terms were creating a cash flow bottle-neck for the business.
“Due to the seasonal nature of our business with payments coming through mainly between December and February, it was hard for us to manage our routine operational expenses during mid-year and our ability to take up larger orders was held back. We wanted to grasp the opportunities to grow so we took up a factoring solution with Bibby Financial Services to make it easier to pay our suppliers. This helps our cash flow position and also reduces the risk of working with overseas suppliers. Extending the facility to Purchase Order Finance also helps us to increase production capacity.” said William Tang, Co-founder of Forests.
Forests started to work with Bibby Financial Services in 2013. In 2 years time, they had tripled up their annual turnover with the support of the Factoring and P.O. Finance facilities.
“To grow business, we need a trustable and capable finance partner. Bibby Financial Services doesn’t only ease our cash flow pressure, their strong global network also helps us to manage our overseas accounts receivables effectively, leaving us flexibility to focus on business.” William said