Founded in 1978, AFP Medical started out as a family business designing and producing technology used in a range of medical devices for various clinical sectors. With success came expansion, and the need to focus. The company concentrated its future strategy on the respiratory sector.
The business was finding the banking situation difficult after the 2008 financial crisis, and approached Ludgate Finance for help. Richard Mason, Director at Ludgate, looked in detail at the business, their trading history and future plans, and decided that they had a very viable proposal. Richard advised AFP that the ThinCats platform could offer a loan at a much more competitive rate to clear their invoice factoring issues; the loan was arranged in a timely manner.
AFP used the ThinCats loan to pay off the bank, and immediately decreased their costs by around 70%. Feeling better placed and better equipped, they went on to tender for a large NHS contract, which they subsequently won. As a result, they were able to pay off their loan in a very timely manner, and were also left with some extra capital, which they now invest in other businesses on the ThinCats platform. The full circle seems entirely appropriate, and Alan acknowledges, “We are really pleased to be able to help other businesses in the same way that the ThinCats loan helped us.”
It solved many of our problems, allowing us to pay our suppliers and reliably supply our customers.