22
Feb

Jeremy LawrenceCatalyst IFG started offering single invoice factoring 2010. This kind of finance benefits all kinds of business but especially those with lumpy or unpredictable cash flow. It’s a really useful tool for supporting cash flow – exceptionally quick to arrange and unlike normal factoring or discounting requires no long term commitment.

When we started promoting this funding option it was an almost instant success. The finance community – including banks and other factoring companies – were very supportive. This is something completely different to what they offer and is no threat to their business. Basically we fill a need which has historically been ignored.

In its first year Catalyst IFG factored close on £1m of invoices and provided almost £750k of vital working capital finance. Since the start of 2012, the rate of growth has accelerated sharply.

Awareness of this option is growing and business owners and managers are increasingly scared of the traditional funding options. Apart from the fear that requests for credit will be turned down anyway (computer-says-no syndrome!) the amount of time and bureaucracy needed to reach that conclusion is a real problem. And there are too many horror stories of facilities being withdrawn for no obvious reason and with little or no notice.

At Catalyst we do all our own underwriting so a decision can always be made on the spot. As a result we can complete deals incredibly quickly. I have done two deals already this year which have gone from first phone call to money-in-the-bank in less than 24 hours. It is unusual for a transaction to take more than a week to complete.

Single invoice factoring has been a lifesaver for many of Catalyst IFG’s clients.

One of our clients is a £2m business in the construction sector with a good trading history but no bank facilities. We took this client on last August and since then the business has almost doubled in size. The owner has been able to accept contracts which he would previously have turned down for lack of working capital. When I visited the owner in January he was extremely grateful for our support – “to be honest, Jeremy” he said to me “if it hadn’t been for you, our business would have been toast last year!”

Instead they are looking at a record year in 2012 and improved profitability.

Catalyst IFG has clients in a wide variety of sectors – construction, recruitment, transport, public service, IT to name but a few.

I feel really proud that we have been able to help so many businesses to survive and prosper. At the moment there are very few options out there and the traditional funding sources are routinely letting people down. In many cases, businesses feel abandoned so it is a real privilege to be able to help turn things around.

To discuss how Catalyst IFG might be able to meet your working capital needs please contact me: Jeremy Lawrence on 0845 528 0788.

7
Feb

 

The objective of pipeline analysis is to permit effective sales monitoring and project cash flow and profitability of the business. Once the sales team develop a feel for the analysis then it is possible to establish future sales and hence cash slow with a considerable degree of certainty. A pipeline analysis is a working document which should be revised weekly. Devising a pipeline analysis has three elements:

  • Defining key stages. Key stages are very market dependent and definitions need to carefully judged. Once defined they must be strictly adhered to.
  • Assessing timing. As with key stages this depends upon an in depth knowledge of the target market and individual customers.
  • Preparing a projection. This is a mechanical exercise that can easily be prepared on a spread sheet.

 

Key Stages

A target client moves from 1-10 in the sales process.

Probability
1. General Interest This is an expression of interest resulting from press/ pr, contacts etc. This has a probability of 0% but is defined as a suspect to be followed up by the sales team. The suspects’ details should be captured in a suspect list and included in any on going marketing communications campaigns 0%
2. Establish Need After a meeting or a telephone conversation in which the customer requirements are identified. It is essential at this stage to identify the person in the organisation who has the authority to make the decision to place an order 10%
3. Money Allocated Client has identified funding within his budget or obtained budget approval 20%
4. Request for Quote Target asks for a quote 30%
5. Competitive Bid Judge according to knowledge of competitors but normally give probability according to number of serious tenders according to number of serious tenders
6. Non Competitive Bid 50%
7. Entered negotiation 60%
8. Offer accepted 70%
9. Contract Accepted 90%
10. Contract signed 100%

Assessing Timing

The average sales cycle for service products is on average 6 months from initial contact. This might be as long as 12 months for larger more expensive projects. Once a target enters the sales cycle each stage must be carefully monitored and timings to completion estimated.

Preparing a Projection

A typical spreadsheet is set out below. As noted above these are working documents and should the bible to the sales team and the basis of all reports to the board.

Sales and Pipeline Analysis

Notes Target Client Value Stage/ 

Probability

Jan Feb Mar Apr
1 Big Co 150,000 10/100% 150,000
2 American Co 100,000 3/30% 33,000
3 Small Co 25,000 7/70% 17,500
4 Medium Co 50,000 2/10% 5,000
5 Total 150,000 17,500 33,800

Notes

  1. Big Co might require significant additional services later in the year. JT is meeting with AH to discuss next month after installation.
  2. JT has good relationship with MD.
  3. etc

Download this article or have a look at our resources section for other articles and White Papers

Richard J Turner

Catalyst Venture Partners

 

19
Jan

New roles from Catalyst Talent

Posted by RB   Categories: Blog   135 Comments »

Catalyst Talent is a search company that specialises in matching entrepreneurial leaders to exciting business opportunities. Catalyst Talent is a spin out from Catalyst Venture Partners and has been created to provide the type of individuals needed to lead fast growth companies. The latest roles available are listed below. Please contact Ian McAnearney on 0207 1831069 to find out more about the roles or visit Catalyst Talent to download the job descriptions.

EVP Operations – London based

The EVP – Operations will be a key member of the executive team, and will participate in the Management Board, as well as the Leadership Team. The EVP – Operations will have responsibility for profit and loss for the regions and will be responsible for c 4 direct senior Regional Director reports. The key focus of the role will be on developing the commercial/corporate leadership capability within the regions, improving profitability of the Region and Global P & L, the introduction of a stronger more cohesive global delivery model, improved organisation of resources through the introduction of global competency centres and networks, capitalisation of the knowledge and capability to give us the leading edge in the market in terms of profit performance, quality, delivery and customer satisfaction. Read more >

EVP Operations in Renewables – Bristol

The EVP – Operations must be a proven leader who can set a direction, for and with a senior team.   Acting as a strong number 2 within the business, the candidate must demonstrate a strong personality and gravitas, and will naturally gain the buy in and support of the Regional “Heads” and will comfortably educate and direct the team.  Strong operations and commercial focus, balanced with the ability to ensure consistency in processes and standards across the organisation.  Working in a complex environment, the candidate will be set high standards of performance and targets for the team, and primarily focus on delivery of results and growth within the division. Read more >

Head of Client Service Centre

The primary role of the Head of Client Service Centre is to ensure the retention and growth of the existing business; developing a rapport with clients that will continually improve the relationship and present products and services to meet clients’ existing and future needs. It requires working with the sales team and other managers to increase sales opportunities and thereby maximise revenue for the organisation. Read more >


19
Jan

Richard TurnerWe have returned from the Christmas and New Year break enthused and inspired. While we were away we learnt our first big Bond deal (£23.5m)  got the green light from our investment committee, OCM concluded its deal with Samsung, Green Motion is in talks with a major car manufacturer, and OIL have  made great progress with developing a very exciting TV and Web concept. I think we all feel that the New Year is going to be an exciting one and we have a very interesting pipeline of opportunities.

The bond funding is proving to be an attractive proposition and is a good solution to complement the shortfall in an existing deal.  For example one of our proposed deals is structured in the following way; we made an offer of £20m to top slice a  £100m deal to construct a bio refinery. £80m was coming from equity. Equity investment for a project such as this typically carries a price tag of 20%+ IRR. Our funding has an IRR of about 12%. So an ideal substitute for later stage equity.

We are extremely pleased to be able to offer a product that can provide the difference between a project with such potential for growth getting the green light rather than failing through a lack of funding.  We are looking forward to completing this deal and to kicking off others like it.

Onwards and upwards!

Richard Turner

13
Dec

OCMlogoSamsungSeoul, Korea / London, United Kingdom, 6th December 2011 – Samsung Electronics Co. Ltd, a global leader in digital media and digital convergence technologies, today announced the successful development and release of OCM Internationals’ embedded print and cost management software – OCM XCM Business Solutions, which is available for Samsung’s A3 and A4 compatible devices.

OCM International specialises in bespoke end-to-end output cost management business solutions. Using Samsung’s flexible and powerful eXtensible Open Architecture (XOA) platform combined with OCM’s innovative Web Based Device Management software, OCM XCM Business Solutions was developed and launched as an embedded, user-friendly document output and cost management solution.

By having access to OCM XCM’s flagship document auditing suite, users can employ full cost recovery including the ability to bill back all document output printing, copying and scanning which can help an organisation to operate more efficiently, maximise device utilisation while providing additional management control such as ‘follow me’ secure print.

In today’s compelled ‘technology road map’, maintaining control of resource usage and costs is a constant challenge. By utilising OCM XCM Business Solutions Samsung’s end users will regain control and transparency against assigned values for all document workflow; printing, copying, faxing and scanning.

“As a leading software development company OCM International understands the importance of keeping ahead of the IT technology curve. OCM is committed to bringing to Samsung  innovative software solutions and applications that provide a convenient interface to third party applications, offering Samsung users a complete turnkey solution” said Peter O’ Farrelly, Chief Executive Officer of OCM International.

OCM XCM Business Solutions helps users to recognise the full cost management returns, operating seamlessly within the powerful Samsung XOA MFD’s. The OCM XCM management solution transforms the Samsung’s A4 and A3 XOA multi-function product range into a hub of an adaptive infrastructure; accurate cost management, secure print with mobile secure print release and broad-based fleet management throughout an entire organisation whether it is in SME, enterprise or public sector.

OCM is committed to bringing to market innovative, top-quality software products, solutions and applications (apps) which meet current and future customer demand, by integrating OCM’s web based central device server and working with members of the OCM partner program, Samsung can easily provide a complete end-to-end MFD / Workflow solution to their customers.

“We are totally committed to our research & development and bringing added value to our clients” said Mr. Sangjae Eom, Vice President of the B2B Marketing Group, IT Solutions Business, Samsung Electronics. “The integration of OCM’s XCM cost management solution into our MultiXpress product range will enable our sales channel to deliver a comprehensive end-to-end cost effective business solution”.

-Ends-

About Samsung Electronics Co., Ltd

Samsung Electronics Co., Ltd. is a global leader in semiconductor, telecommunication, digital media and digital convergence technologies with 2010 consolidated sales of US$135.8 billion. Employing approximately 190,500 people in 206 offices across 68 countries, the company consists of nine independently operated business units: Visual Display, Mobile Communications, Telecommunication Systems, Digital Appliances, IT Solutions, Digital Imaging, Memory, System LSI and LCD. Recognized as one of the fastest growing global brands, Samsung Electronics is a leading producer of digital TVs, semiconductor chips, mobile phones and TFT-LCDs. For more information, please visit www.samsung.com.

About OCM International

OCM International Limited, founded in London, United Kingdom, is an information technology company who specialise in developing and delivering document output management, cost recovery and secure print solutions. OCM’s technology allows clients to control who prints what, when and where. OCM’s focus is on its clients and creating partnerships, ensuring every effort is made to provide client service excellence. It is this blend of expertise and motivation that is the driving force of our success.

For more information on OCM’s applications for XOA, please visit www.ocmplc.com/samsung-strategic.html or email samsung@ocmplc.com.

 

1
Dec

Richard Turner is taking part in a briefing on the latest in public and private sector funding of business. Richard will be talking about the routes to funding; the funding journey from start up to Initial Public Offering,  investment readiness and the  Enterprise Investment Scheme.

Other speakers will cover:

Research and Development Grants and Proof of Concept Funds

Formerly administered by the Regional Development Agencies, Research and Development Grants are now part of the portfolio of funding offered by Finance South East. This also includes the European Commissions’ Framework Programme 7 (FP7) that promotes innovative new product development, the PoCKeT proof of concept fund, the proof of market fund, the prototype development fund, early commercialisation loans, mezzanine debt funding support and seed equity funding.Finance South East

Research and Development Tax Credits

Are you claiming everything you could from this scheme to encourage British industry to innovate technologically? Do you know what does and does not qualify as R&D expenditure? John McKeown, R&D Tax Credit Unit,  Bradshaw Grice

The Role of the Bank in Financing High Growth Technology Businesses

Amid all the controversy about bank lending, here is a view from within the industry. This session will also cover the Enterprise  Finance Guarantee Scheme that has replaced the previous Small Firms Loan Guarantee Scheme.

Designing for Demand

Designing Demand is the Design Council’s mentoring Services for B2B or B2C manufacturing SMEs with ambition to grow but who recognise the need for some external, objective advice and support to help achive that goal. Each year over 150 companies benefit from the scheme, an independent evaluation of which has shown that the average return on investment for every £1 invested in design was over £25. Pamela Frazer, The Design Council and Raft Consultancy LLP

Funding Exports

A company’s  financial exporting strategy should include selecting appropriate  terms on which to do business, carrying out credit checks, debt insurance etc. Richard Smith, Financial Services Specialist, UK Trade and Investment

Venue: Easthampstead Park Conference Centre, Wokingham, RG40 3DF

Tuesday 6th December 2011

To attend please contact Lars-Olav Nicolls at ablesol@aol.com

 

22
Nov

Innovative software solutions company joins Catalyst Venture Partners’ Growth Programme to accelerate expansion opportunities within the print tracking and management market.

Download press release

Press Release: 22 November 2011

OCM is an international company specialising in the tracking of printer usage. By offering an innovative approach to document workflow and output software solutions, OCM allows clients to control who prints what, when and where.For some companies this can mean a saving of up to 10%  of its print costs.

According to analyst sources, the cost of supplies used to print a single black-and-white page averages five cents per page. In a company that prints 250,000 pages per day, the costs of supplies alone can total €3.2 million per year.

In addition, output equipment fleets (copiers, printers, facsimiles, scanners and associated supplies) continue to be one of the most under managed and costly assets within many companies, resulting in lost profit of approximately one per cent to three per cent per year.

OCM Director Mr Peter O’Farrelly comments; “In today’s business climate the need to optimise the usage of key applications and hardware within all types of business – is critical whether they are a  large global enterprise or a small/medium local business. Organisations are now looking at ways of improving processes and how they can make the most of their resources. Increasing scrutiny within document intensive processes, security access and cost has led us to develop complete integrated solutions rather than single point products.”

O’Farrelly continues; “Our focus is on our clients, ensuring every effort is made to provide client service excellence. It is this blend of expertise and motivation that is the driving force of our success”

Since its inception as a softwere company in 2006, OCM has grown year on year to become one of the leading global solutions providers in this market space with annual revenues of £275K. Both manufacturers and resellers are looking for increased productivity of their billing departments through reduced manual data collection, improved cash flow and competitive advantage. OCM already has a number of strategic partnerships in place that include industry leader Sharp Electronics, as well as a deal pending with Samsung.

Richard Turner, CEO of Catalyst Venture Partners comments; “OCM are able to offer a unique proposition to the marketplace. With an innovative software offering, partnerships with industry leaders and an addressable market of $500 million, OCM are in an excellent position to accelerate their growth. The team are hugely experienced and are offering an innovative approach. We are extremely pleased that OCM have joined our Growth Programme and are looking forward to working with them.”

 

For further information contact Rosie Bennett at Catalyst Venture Partners on 01225 331498 or email rb@catvp.com

About OCM: http://ocmplc.com/

OCM is an International Company founded in London, United Kingdom; OCM is a company of dedicated professionals who provide a complete range of software solutions and professional services. Our company employs an experienced team of highly qualified and motivated individuals who strive to provide a high level of service. OCM keeps abreast of new trends, policies and procedures.. Since its conception, and in association with its partners, OCM has grown to become a global solutions provider with locations throughout Europe, Australia and America providing tailored solutions and cost savings across all market sectors.

About Catalyst Venture Partners: http://catvp.com

Catalyst Venture Partners are a corporate finance and fast growth advisory firm specialising in the health, environmental, media and telecoms sectors. Catalyst works with ambitious and entrepreneurial led companies who are at the early and expansion stage of their development.   Whether you are a growing company, seeking development funding or advice, looking for a loan or planning to buy your company, Catalyst can help you turn ambition into reality. We do this by: providing an independent assessment of strategic and commercial focus, assessing the competitive advantage of the proposition, introducing commercial partners, creating a sound financial structure, identifying and negotiating with providers of finance and helping strengthen the management team by recruiting key staff and investor directors.

 

 

15
Nov

Richard TurnerAs business enterprises have grown in size and complexity, it is not uncommon to find them owning and/or controlling one or more subsidiary corporations. These subsidiary corporations may be for-profit subsidiaries, or in some cases even nonprofit subsidiaries. In either case, the relationship between a parent company and a subsidiary may create some unique problems for the parent company.

Why A Subsidiary?

There are many reasons why a business enterprise may establish a subsidiary corporation. These reasons often include, for example:

(1) the parent company desires to engage in a new line of business activity unrelated to its current business;

(2) the existing or projected revenues from the new line of business activity are substantial;

(3) the business enterprise prefers not to expose its assets to the liabilities associated with the new business line; or

(4) the new business activities may carry risks of liability unacceptable to the parent;

(5) the parent is a public corporation and it desires to keep the subsidiary privately held;

(6) the parent wants to posture the subsidiary for going public without affecting the parent’s shareholders; or

(7) that the organization desires to reward certain employees with increasing compensation, etc.

The Parent/Subsidiary Relationship

It is common to use the term “parent/subsidiary” when describing the relationship between a business enterprise and its subsidiary. But, a caveat is in order here. The term “parent/subsidiary” is not equivalent to the term “parent/child”. This is an important point.

While the parent business enterprise may incorporate its subsidiary corporation, name its board of directors and officers, enunciate the subsidiary’s business purpose, adopt bylaw provisions preserving the parent’s control of its subsidiary, etc., it is important that the subsidiary be established and recognized by the parent, as well as third parties, as an independent corporation managed by a board of directors.

Subsidiary Independence: A Stumbling Block?

The matter of subsidiary independence is oftentimes a stumbling block to the parent business enterprise which may view an independent subsidiary as an uncontrolled subsidiary. But recognizing a subsidiary as an “independent” corporation is not the equivalent of regarding the subsidiary as “uncontrolled.” At all times, provided that appropriate bylaw provisions are adopted and maintained, the parent has the legal authority to hold the subsidiary accountable to meet “bottom line” financial objectives, to pursue acceptable policy mandates, to fulfill its goals and to otherwise conduct its affairs in a manner pleasing to the parent.

How Does The Parent Control An Independent Subsidiary?

Upon reaching a decision to organize or acquire a subsidiary corporation, the business enterprise parent controls its subsidiary by being its sole stockholder. By holding, i.e., owning all of the subsidiary’s voting stock, the parent has the power to elect and remove the entire board of directors.

To maintain control of a subsidiary and at the same time allow the subsidiary to operate as an independent entity under the direction of its board of directors, a parent business enterprise should:

(1) be the sole shareholder;

(2) include voting control provisions in the subsidiary’s articles of incorporation along with provisions that prohibit amendment of the articles without the approval of the sole shareholder;

(3) prepare comprehensive bylaws defining the designation and authority of officers, their term of office, their removal (for cause, or for any or no reason);

(4) include in the bylaws the procedure whereby the parent elects and removes directors; and

(5) prohibit bylaw amendments without the sole shareholder’s approval, etc.
The board of directors of the subsidiary are responsible to manage the business and affairs of the subsidiary. The board selects officers and the officers are responsible to execute the policies of the board. The officers of the subsidiary do not “report” to the officers or board of the parent nor are they responsible to the officers or board of the parent corporation. This does not mean, however, that there is no communication between the subsidiary’s CEO and the parent. After all, the parent owns the subsidiary and by virtue of its ownership or control is entitled to examine the subsidiary’s financial reports and business plan, and to otherwise hold the subsidiary and its management accountable for the performance expectations of the parent.

What Legal Risks Are Likely In The Parent/Subsidiary Relationship?

A parent corporation may hold its subsidiary accountable for the expectations of its board of directors. And, this is the purpose of the parent’s control of its subsidiary: to hold it accountable for performance. As long as the parent permits the subsidiary to act independently under the direction of its board, there is little risk to the parent of being found liable for the negligence or wrong-doing of the subsidiary. After all, the parent in a parent/subsidiary relationship is merely a stockholder, and the law is clear that a stockholder is not liable for the actions, debts, or obligations of the corporation.However, if the parent exercises excessive control over the subsidiary by, e.g., commingling funds, interchanging employees, having its board serve as the board of the subsidiary, sharing office facilities, using a common letterhead, and otherwise blurring the distinctions between the parent and the subsidiary as separate independent corporations, then each corporation is at risk for the unfunded liabilities of the other under the legal doctrine of “alter ego.”

Under this doctrine, a litigant may “pierce the corporate veil” of the subsidiary corporation and reach the assets of the parent corporation under the theory that the two corporations, for legal liability purposes, are not two independent corporations, but are but one corporation in fact. In this way, the litigant may seek payment of an unfunded liability of one corporation from another corporation. It must be noted, however, that a litigant pursuing an alter ego theory of liability has an uphill fight. Courts are not likely to permit a litigant to “pierce the corporate veil” of a corporation and reach the assets of its parent shareholder, unless it is abundantly clear that the two corporations were indistinguishable as separate corporate entities and are operating as one corporation.

How Should The Parent/Subsidiary Relationship Be Managed?

The parent corporation, by virtue of its voting control of the subsidiary, has the power to hold the subsidiary accountable for its performance. Since the parent retains voting control, it has the authority to select the subsidiary’s directors. This is a most important aspect of the parent’s control of its subsidiary. By selecting qualified, and to some extent indoctrinated, directors, the parent puts into place the subsidiary’s board of directors. This board manages the business and affairs of the subsidiary, makes policy, selects its officers, provides oversight of the subsidiary’s activities, and functions as the subsidiary’s governing body.
The parent’s selection of the subsidiary’s directors is a critical exercise of authority. A wrong-headed decision here risks mismanagement of the subsidiary.

Thus, not only should the subsidiary’s directors be selected with care, they should be “schooled” in a formal board training program which teaches individuals what they should know about being a director of a corporation. Not everyone is suited for being a director of a corporation. Today, a business corporation can often present challenges which tax the ability of the most gifted board members. While it would be a stretch to impute liability to a parent corporation for its “negligent” selection of subsidiary directors, nevertheless prudent selections should be made, and individuals selected as directors should undertake a board training experience to prepare them to meet the challenges of the corporation they serve. A procedure for schooling directors is a matter best defined by appropriate provisions in the subsidiary’s bylaws.

 

 

10
Nov

Richard Turner will be taking part in a panel at the iNets SW event on 13th December. This interactive morning specifically designed for CEO/MD’s of manufacturing & engineering companies, will explore why you might want to make the transition from “business as usual”, to a new growth phase.  It will also explore how to strategically manage your financial assets & legal structures to encourage innovation & growth.

The event is free however delegates must book a place.

Venue:  The Lord Mayor’s Reception Room, The Council House, College Green, Bristol, BS1 5TR

13th December (08:30 – 10:00)

 

The iNets have been created to help more businesses to innovate and to introduce new techniques, technologies, products and to find new markets.

The iNets encourage innovation by providing bespoke support, access to specialist information and research and bringing together businesses, universities and others to share knowledge, expertise and best practice.

More information is available at the iNets website.

 

18
Oct

Jeremy LawrenceWe had a terrific reaction to the iPad offer. Thanks to all those who are already in line for one and for the rest – there is still time! Because it was so popular, we are going to extend the iPad offer to the end November.

And this update brings a new offer – please see below. This is an exclusive – something you won’t see anywhere else!

Business Review

Like everyone I speak to, the summer was predictably quiet and although we signed up some really interesting new clients and did some great deals, the level of activity was lower than usual. Since the end of the summer, the level of good enquiries has rocketed up – thanks to all my brokers and other introducers!

However, I think we have shared a similar experience to others – namely an all round reluctance on the part of potential prospects to commit.

I put this down to genuine and understandable fear and uncertainty at both the micro and macro level – better to do nothing than to make a wrong decision.

Our strategy for this economic climate – let’s work together!

My view is that if a business is reluctant to commit there is not much anyone can do to change that and it may well be the right strategy anyway. However, not committing need not be the same as doing nothing.

As I think you are all aware our single invoice factoring product can work very well in an uncertain marketplace because of the fact that the client makes no commitment

I think we can use this to everyone’s advantage. Why not think of single invoice factoring as a safe way to help your potential clients to dip their toe in the water without having to make a decision which is later regretted? Once that client has experienced the benefits of factoring as a concept there is a good chance they will want to talk to you about moving to a full factoring facility.

So if you are a funder or a broker working with other funders, let’s talk about ways of working together. We can get your prospects started using single invoice factoring while they make up their minds about committing to your full factoring offer.

Case Study

A business supplying the construction industry was turning down business for fear of being unable to finance the upfront purchases needed to start the work. Catalyst agreed to open a facility which potentially gave him around £150k line of credit. As a result of having access to cash at short notice, this client was;

a) able to negotiate improved terms with suppliers by ordering in larger quantities and paying up front and

b) was able to take on profitable business which he would otherwise have turned down.

Most of our factoring cost was covered by the supply discounts he was able to negotiate and the ability to expand has turned the business round from break-even static to profitable growth. If things carry on as they are, his need for factoring will reduce and he has the comfort of knowing that he can stop using our service any time he wants to

And now to the new offers;

1) iPad as before extended to 30 November - see my previous post for details
2) Portrait photography offer (same terms as for iPad)
Why not treat yourself and your family to some really top quality professional portrait photography? Catalyst will pay up to £400 of sitting fees and prints by Sylvain Guenot who is one of the best professional portrait photographers in the country.

For examples of his work look at his website – http://www.portrait-photographer-gloucestershire.co.uk/

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