Vinden launches architects’ funding product

THE Vinden Partnership has set up a joint venture with Bibby Financial Services to launch a new finance product for architects.

Bolton-based Vinden said that the service had been set up in response to the cashflow pressures felt by many architects practices that often have to wait up to 90 days for payment for completed work.

The firm, which specialises in handling construction disputes, has therefore teamed up with Bibby to offer a confidential invoice discounting service which will pay for work completed before project milestones are signed off and will adjudicate if fees are later withheld.

Managing director Peter Vinden said: “Finance in the construction sector has become almost impossible to secure as the uncertainty in the property market continues and recovery remains slow.

“This unique finance product from Bibby Financial Services is a real lifeline for architects, allowing them to access much-needed monies owed to the business. It could make the difference between a practice surviving the recession or not.”