- 30 May
Working Capital Partners Existing Clients.
Working Capital Partners (WCP), the selective spot factoring and trade finance company, that went into Administration over. One WCP client told us that they were not aware of the insolvency until very recently.
Working Capital Partners Existing Clients
We reported on this blog 21/05/19 - Working Capital Partners Go Into Administration, but since then, we have been contacted by one of their existing clients. The client told us that they were not aware that WCP had entered Admin (of course there may have been correspondence), until they phoned the company in the last few days, about putting their new invoices through their facility.
A quick review, this morning, of Companies House records showed nothing filed about the Administration as of yet, and a quick look at the company's website revealed nothing about the Admin - although these things may take time to update.
The client mentioned above told us that whilst existing factored invoices were being honoured by the appointed Administrators, new invoices were being turned away - hence they need for them to find an alternative funder - immediately.
We are already in the process of helping them move to an alternative provider.
If you need help finding an alternative invoice finance company please call Sean on: 03330 113622.
Will Anyone Buy The WCP Client Book?
The question many people within the sector are asking is, will anyone buy the book of existing clients of WCP from the Administrators? This is a common exit plan when an invoice finance company becomes insolvent, disposal of the client book to a competitor, with the proceeds distributed to the creditors.
We have heard rumours about various parties looking at taking over the book of clients at WCP, but it has been a while without any news as of yet. This creates uncertainty about future funding for the existing clients.
Whilst we wait for any news, we are in the perfect position to continue to help anyone that wants to avoid the uncertainty altogether, and set up an alternative arrangement quickly.