- Location: Dublin / Nationwide
- Sector: Supplier of refrigeration and ancillary services in the Irish hospitality industry
Empowering Growth with Invoice Finance: Euro Refrigeration Group's Success Story
In 2017, when Euro Refrigeration Group (ERG) sought financial support to capitalize on an acquisition opportunity, they turned to Bibby Financial Services (BFS) due to the considerable advantages Invoice Finance solutions offered over traditional banking options. BFS demonstrated a profound understanding of ERG's business needs and employed a relationship-focused approach, nurturing a strong and supportive partnership.
The Covid-19 pandemic posed unprecedented challenges, with 97% of ERG's customers facing closures. It was during this critical period that BFS proactively reached out to ERG, exemplifying their unwavering commitment to supporting clients during changing market conditions.
As the hospitality industry gradually emerged from the pandemic, businesses like ERG faced the pressing concern of managing their supply chain effectively. Jimmy Guerin, from ERG Group, highlighted the pivotal role played by BFS's early outreach during the pandemic. Access to invoice financing at that crucial time empowered ERG to navigate through challenges, unlocking critical cash flow and providing the business with the flexibility and confidence to seize new opportunities.
Jimmy Guerin, from ERG, shared his perspective on the partnership: “Our financial situation changed with Covid-19 as 97% of our customers were closed. The first call we got was from our funding partner - Bibby Financial Services. They knew the market was changing and they wanted to show how they could assist. That was very important for how we viewed our relationship."
"As we came out of Covid-19, the big issue was supply chain, and because we had the option for invoice financing, we were in a pivotal position, whereas mainstream banks were a lot more cautious. That was a great advantage and gave us great leverage."
At Bibby Financial Services, we take immense pride in being part of our clients' growth stories, and our partnership with Euro Refrigeration Group stands as a testament to the success achieved through strong collaboration. As we continue to support businesses nationwide, our focus remains on providing personalized financial solutions and building enduring relationships with our valued clients.