Six-figure finance package for building materials supplier

Doncaster-based company Rendit has secured a £350,000 invoice finance facility, which it will use to fuel further innovation and growth.

The family-owned firm, which specialises in providing rendering products, was incorporated almost 30 years ago by husband-and-wife duo, Malcolm and Sandra Kitching. The backing for Rendit has come from Manchester-based business lender Time Finance.

James Kitching, the son of Rendit’s founders, took over the role of director in 2005 and set out a strategy to help modernise and digitally transform the business.

Under his management the company has grown substantially thanks to the technology introduced which allows employees to track live stock levels, automate deliveries and monitor distribution in real time.

However, the business has been forced to grapple with supply chain disruption caused by the pandemic and Brexit.

It turned to financial advisor Silkstone Consultants for a working capital facility to assist with buying power from suppliers.

Silkstone introduced Rendit to the Invoice Finance team at Time Finance who released existing working capital – otherwise tied up in unpaid invoices – and injected £350,000 back into the business.

James Kitching said: “The funding support we’ve received has been fantastic. Not only has it provided an immediate cash injection but it has also enabled us to focus our efforts on further investment in digital transformation and supporting our growing customer base.”

Rob Walters, business development manager at Time Finance, said: “Rendit is a fantastic business. Packing a facility that would give them the financial freedom to overcome current challenges in the market and grasp hold of new opportunities at the same time was key.

“The £350,000 will go a long way to support their growth plans and we look forward to seeing where the business will go next.”