ABOUT FITTR LIFEFittr Life is a Wicklow based company established to supply fitness equipment into the Irish fitness market. The company has been in operation since 2011 and has the exclusive distribution rights for US gym equipment provider Life Fitness including Hammer Strength and Cybex. They also supply complementary products to the Commercial, Performance and Home Use markets.
THE OPPORTUNITYThe company had secured a contract to supply equipment to 5 new and existing gyms worth €1.4m. As extended payment terms following installation of the equipment was a condition of the order, a requirement to finance their outstanding invoices was needed to complete the contract. Their banking partners were unable to assist due to the tight timelines involved and debtor concentration issues, so the company turned to Accelerated Payments for an innovative yet straightforward solution.
THE ACCELERATED ADVANTAGEAccelerated Payments Individual Invoice Finance solution enabled Fittr Life to quickly and simply gain fast-track approval on a substantial credit limit on their main debtor. This allowed them to take on the order with the certainty that they had the cashflow in place to complete it. In addition, the debtor was delighted with the streamlined e-invoice approval process operated by Accelerated Payments which removed any additional workload for them. As a result of the speed with which Accelerated Payments was able to operate, Fittr Life has begun putting additional debtors into the platform for funding. These include some of their UK based clients and they have further benefited from being able to receive funds in GBP allowing them pay some of their suppliers in the same currency.
“We have been highly impressed with the speed and efficiency of both the platform and the funding of invoices. Our relationship with our debtors has not been affected and we have received funding with the minimum of fuss. I would highly recommend the solution to other companies looking for an efficient and cost-effective invoice finance solution, especially those with overseas debtors.”