Gener8 Finance announced as WINNERS of the Insolvency & Recovery Awards 2015

The team at Gener8 are thrilled to announce that we won the award for “Asset and Invoice Finance Provider of the Year” at the I&R Awards ceremony, held at the Hilton, Park Lane on Wednesday 21st October.

Pictured below are Karen Fisher, Kirsty Cook, Ian Wedge and Paul Stokes from Gener8, collecting the award on stage.

Gener8 Finance Winner photo

Gener8’s Managing Director Paul Stokes says:

“This award recognizes the commitment and attention that we believe we deliver to our clients day in, day out. I am really proud of the whole Gener8 team for making us stand out against some serious contenders.”

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From Left to Right – Sabrina, Louise, Rebecca, Susan, Karen, Maria, Naomi, MD Paul Stokes, CEO Dave Richards, Tracey, Kirsty, Peri, Helen, Charlotte

Although only a few of us could attend the event to collect the award, this was a real team effort and we are pictured above bringing the prize home.

At Gener8 we know that even strong, established businesses can sometimes experience cash flow problems. We have the knowledge, experience and desire to help owner managers operating in a wide range of sectors, to grow their businesses.

 I&R Awards 2015 - Asset and Invoice Finance Provider of the year - Winner

If you would like to discuss your invoice finance needs and requirements, or know of a business/business owner who would really benefit from our services, please contact our team in the office by calling 0333 121 8888 or via our website http://www.gener8finance.com/ and one of our team will be happy to help.

Are you one of the 75% of British business owners who have no contact with their bank?

G8relationshipsA recent study has discovered that an incredible 73 percent of business owners have no contact with a relationship manager at their bank.

A bank account is a fundamental requirement for any business – we literally couldn’t do business without one – and it appears that the banks are missing out on the opportunity to build enduring relationships with their customers.

For many business owners, the days of a visit from a friendly, knowledgeable bank manager are a thing of the past, replaced instead by the full call centre experience. It’s therefore not surprising that 67 percent of those surveyed are actually happy to look beyond their bank when seeking finance.

Even though access to finance for SMEs remains high on the political agenda in the wake of the banking crisis, British businesses have never had so much choice when it comes to raising finance. The continued rise of peer to peer loans, online (“fintech”) lenders and general competition in the alternative finance space means that the bank is just one funding option open to a director.

Communication and trust play a key role in any business to business relationship, and without that regular ‘touch point’, how do businesses benefit from the advice and support of a lending partner?

With the major clearing banks adopting a passive approach to the majority of their business customers, offering basic services and minimal face to face advice and support, it is not surprising that businesses are shopping around when it comes to raising finance.

The attraction of a smaller, independent funder offering high quality relationship management is clear.

Here at Gener8, clear, 2-way communication with our clients is a fundamental aspect of the relationship. This enables us to anticipate their requirements and provide the right support at the right time. By sticking to our core values of great value client service, we are driven to meet the needs of business owners, who demand a real business relationship.

Ben Sumner – Gearing up for a triumphant season

Ben_in_race_modeAs huge cycling fans, Gener8 Finance are pleased to announce that we are sponsoring one of the country’s leading Cyclo-Cross riders, Ben Sumner for the 2015/16 season.

Cyclo-Cross is already extremely popular in Europe, as both a participation and spectator sport, and is rapidly gaining popularity in this country. It is very different to traditional road and track racing, and involves riding over a variety of terrains, including fields and tracks, with competitors having to dismount and carry their bikes over obstacles.

Oxfordshire-based Ben (pictured right), 21, is the reigning under 23 Trophy Series champion, a title he also won in 2014. In addition, he won his third consecutive bronze medal in the under-23 category at the British National Cyclo-Cross Championships in 2015.

Ben’s Under-23 category success was also enough to see him come 3rd in the National Trophy Elite Men’s Series – we are confident that he is heading for greatness, and at Gener8 we are proud to be supporting him all the way.

Ben rides for the Beeline Bicycles Cyclo-Cross team, which is owned by Beeline Bicycles, Oxford’s leading cycle retailer (www.beelinebicycles.co.uk). The Beeline team is a huge supporter of up-and-coming cyclists in the U.K. and has a stable of talented young riders.

Beeline_Homepage_logo_x1sizeThe cycling season begins again in October, and will see Ben compete in the Round 1 of the National Trophy series in Southampton, on the 11th. His main goal this year is to focus on the National Trophy, and win the yellow jersey!

Pre-season training is going well, with Ben recently competing in the Eastern Cyclo-Cross League (www.easterncross.org.uk/race15-16-1.htm) at Basildon Sporting Village in Essex, which he won comfortably, beating the 2nd placed rider by a full 1 minute 20 seconds!

“For the first race back I was just testing my legs really. I’m going to be focusing on the National Trophy this season, and aiming for that yellow jersey. I don’t think that’s an unrealistic expectation.” (Ben Sumner)

Gener8 will be following Ben’s progress as he continues to compete across the UK and Europe, and we will be sharing his journey with you.

You can follow Ben & Beeline at:

Twitter: https://twitter.com/bensumner  https://twitter.com/beelinebicycles

FRP Advisory, Brentwood, raise more than £14.5k for charity

The Brentwood office of FRP Advisory, recently held its biggest-ever fundraising campaign – a charity triathlon, inviting members of the business community to take part.

The event, which attracted over 140 competitors, comprised of a 400m open-water swim, followed by a 20km bike ride and a 5km run.

p1Gener8 Finance, who co-sponsored the event, put in a team and came in a creditable 9th out of 38.

“It was great to be able to support our friends at FRP Advisory in raising money for such a wonderful cause. We are a sporty bunch at Gener8 generally and so it was a pleasure to be able to enjoy some good-natured competition in great company. I was also pleasantly surprised at our team’s finishing position!” Paul Stokes. Gener8 Finance Managing Director.

The event itself was a huge success “The response was phenomenal, we couldn’t be more pleased,” said Glyn Mummery of FRP: “We set ourselves a target of raising £10,000 for Little Havens Childrens Hospice and thanks to the support of the business community and sponsors, which included Gener8 Finance Ltd, we’ve exceeded that target, reaching £14,581.09 so far.”

Our aim now is to make it a permanent fixture in the corporate calendar and from the feedback we’ve had, we know it will be bigger and better next year.”

Pictured right, the Little Havens resident Pooh Bear holds the cheque presented
IMG_3737 (2)by FRP Advisory. Little Havens will use the money to provide respite breaks, symptom control and end-of-life care to youngsters not expected to reach adulthood because of a life-limiting or life-threatening condition. www.havenshospices.org.uk .

The Gener8 team would like to congratulate FRP Advisory on organising such an enjoyable event, and to thank Little Havens Hospice for the fantastic work that they do.

Invoice Finance restrictions on contracts to be outlawed from early next year

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Anna Soubry

Minister for Small Business, Anna Soubry (pictured left) has announced that, from early next year, clauses in commercial contracts that obstruct the use of invoice finance (including “ban on assignment” clauses) will be outlawed.

This move is a direct result of the government’s crackdown on Britain’s late payment culture, after it was estimated that British businesses are owed approximately £26.8 billion in overdue payments – a figure that is set to rise.

For some businesses, invoices are the only assets against which they can borrow and larger firms especially can use restrictions in their terms and conditions to prevent supplier invoices being financed. This leads to delayed payments, and cash-flow difficulties for many SMEs.

Jeff Longhurst, chief executive of the Asset Based Finance Association said: ‘This is good news for UK businesses. Invoice finance is a key source of funding for SMEs in particular, and taking effective action against bans on the assignment of invoices will allow more businesses to unlock the funding tied up in their unpaid invoices.”

The Government has consulted a wide range of interested parties on this subject, including business owners, trade associations, lenders, academics and legal practitioners, and this change in the law is the result of feedback received.

A summary of the changes is as follows:

  • Apply to business to business contracts only (and not business to consumer contracts).
  • Extend to all businesses, regardless of size.
  • Exclude financial services contracts.
  • Exclude contracts with interests in land.
  • Do not create any special provisions for supply chain finance arrangements. This will allow suppliers to opt into supply chain financing agreements or seek alternative arrangements with other invoice financers.
  • Begin from commencement of the regulations – changes will not be retrospectively enforced.
  • Only apply where the parties conduct a business to business transaction under English law and one of them carries on business within the UK.

The Government hopes that by implementing these changes, it will directly benefit smaller businesses and reduce the abuse of position that some larger companies have exerted in the past. It is also hoped that it will contribute to making the UK a more attractive place to start and grow a business without fear of cash-flow issues or access to needed funds.

HMRC announces mandatory changes to ‘Time to Pay’ arrangements

HMRC have announced that from 3rd August 2015, it will be mandatory for all Time to Pay (TTP) arrangements to be collected by direct debit.

HMRC_logoTTP arrangements allow selected businesses, who cannot pay their tax bill on the due date, to pay the balance in instalments, over a period that they can afford, ultimately helping many businesses cope with short term cash-flow problems. Arrangements are tailored to the ability of the customer to pay and are typically for a few months, although can be longer. The granting of TTPs are decided selectively, on a case by case basis, by HMRC.

As part of a review of the service, HMRC are now insisting that all new TTP instalments are paid by Direct Debit, stating the following reasons:

  • Direct Debit is a more cost effective and secure method of payment.
  • It removes the chance that the customer will forget to make payment.
  • Payments are more likely to be correctly allocated by HMRC.
  • Reduces the need for subsequent customer contact, saving time for the customer and HMRC.
  • Direct Debit scheme includes a guarantee to protect the customer.

For those business not able to make payments by Direct Debit facilities, i.e where a bank account will not allow it, then other payment methods may be agreed upon with HMRC, on an exceptional basis.

Existing TTP agreements will not be affected by the new changes.

For further guidance, and for more details on TTP arrangements, please visit www.gov.uk/difficulties-paying-hmrc .

Gener8 Finance appoints new Managing Director to lead business growth

615 G (25)Oxfordshire-based Gener8 Finance, one of the UK’s leading invoice finance providers, has announced the appointment of Paul Stokes, as its new Managing Director.

Paul is a specialist in commercial funding, having previously worked for major banks and, for the last 4 years, has been Managing Director of a successful commercial finance consultancy. It is this breadth of knowledge and experience that he will bring to the business, to enhance Gener8’s reputation further as a specialist provider of SME cash flow funding products.

Gener8 offers a range of working capital funding solutions to owner-managed businesses, specialising in providing fixed-price, confidential invoice finance facilities.

David Richards, Director and Founder of Gener8, commented: “We are delighted to get Paul on board. He is highly experienced in all aspects of commercial finance and shares our vision of what an invoice finance business should be about – great customer service, flexible funding and value for money. I am looking forward to working with Paul to grow our business and evolve the Gener8 brand. ”

Paul was pleased to say that: “As one of the most progressive invoice finance lenders in the country, it was an easy decision to join Gener8. In my previous role as a commercial finance consultant I regularly introduced clients to Gener8 and I have experienced at first hand the company’s total commitment to client care, communication and a willingness to go the extra mile.”

Paul’s primary objective is to strengthen Gener8’s standing as one of the most trusted invoice finance providers in the UK, ensuring that new and existing clients receive the highest standards of customer care and market-leading products.


 

Please visit www.gener8finance.com to find out more about Gener8 Finance and to find out how they are leading the way in funding UK businesses.