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

Anna_Soubry_MP_MOD_45156137

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.

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.