HSBC increases Drivers Direct's facility to 6m
The factoring facility is designed to help Drivers Direct’s cash flow by bridging the funding gap between paying staff and receiving payment from clients. The agreement with HSBC allows Drivers Direct to access the funds needed and provides sufficient flexibility to support the business’ continued growth.
Drivers Direct and HSBC have worked in partnership for more than seven years and this agreement further cements their relationship. In the last year, Drivers Directs has opened four new sites (taking their total to more than 20 in the UK), and now has more than 700 drivers on the road each week. Their new facility will assist with the high number of invoices they issue as well as the growing number of staff that need paying on a weekly basis.
Gethin Roberts, Managing Director of Driver Direct, comments: “Christmas is always a busy period for us and it is therefore reassuring to know that HSBC is continuing to back us as the business grows. The new limit will allow us to take on more contracts and drivers over the next few months and provide the assurance we can continue to pay all of our drivers on time.”
Established in 2002, Drivers Direct covers all driver classes, from chauffeurs and fork lift driver’s right through to LGV Class 1 and 2 drivers, supplies more than 700 drivers a week to clients from across the public and private sectors. The company currently has a network of 20 branches across the UK.