“I had come across an opportunity to purchase PPE from overseas when PPE was in high demand. The VAT element of the purchase was well over £200,000 and I needed funding to cover this quickly so I could get my inventory as fast as possible. Adsum stepped in and provided the funding I needed within 48 hours allowing me to get on with doing what I do best!“
Back in the first national lockdown, Adsum were approached by a Commercial Finance Broker who was trying to find a solution for their client on an Asset Purchase.
The client had purchased PPE equipment but needed to purchase more to increase the expansion of their company and to keep up with demand from their customer base and didn’t want to wait for the three months to claim the VAT back from HMRC. The Company was an import/export company. So they approached us to finance the VAT element of the invoice and with the funds released from the VAT they were able to purchase more PPE equipment to aide expansion.
The Intermediary approached us to help the client. The VAT element of the PPE equipment was over £200,000 and once the client had forwarded the invoices to us, we were able to fund the VAT within 5 working days and the funds were sent back to the client to enable them to purchase more stock to increase the sales of the company.
Once the Intermediary had made contact with Adsum, Terms were sent within the hour to the intermediary and the customer and once the deposit was made by the customer we were able to fund the deal in less than a week. The borrower, accountant, solicitor and intermediary were all given access to Adsum’s Client Portal, to upload the relevant documentation and they were also able to track the progression of the case at any time of the day. All the team at Adsum worked seamlessly to make sure that the funding was delivered on time, so the customer could maximise the amount of stock that they could purchase.
Due to this the client has since returned to us for further funding.
However, the work for Adsum had not finished there, being VAT experts, part of the service received by the client was our team overseeing the managed recovery of the VAT from HMRC, giving the client one less thing to worry about so that they were able to focus on their business. We also now offer a free discussion with our VAT expert to discuss each finance option to make sure you are getting the correct information so that you can make an informed decision.
Adsum Finance is now the reliable VAT funder of choice for this client and they have now borrowed from us on three separate occasions. If you find yourself in a similar situation with VAT on Asset purchase, be it a Car, Truck, Boat, or any other type of Asset or Invoice we would be pleased to help you.
Here at Adsum we have solutions fund many clients like this one where our competitors are unable to provide attractive options to the client. If this sounds like something you would be interested in finding out more about please don’t hesitate to get in touch via our Contact Us page.