This Midlands-based recruitment firm had seen a 30% increase uptick in revenue as a result of the COVID-19 outbreak and provided temporary drivers and warehouse staff to various logistics companies.
As a result of solvency concerns with one key customer, the client had their trade credit insurance revoked on all debt financed through the facility, leaving a significant portion of their debtor book exposed to a potential bad debt scenario.
This left the Director feeling nervous about the potential implications of a call on his £400,000 Personal Guarantee with the lender, prompting him to get in touch for a quote.
Interesting facts about the case
A great example of a business taking the crisis in its stride and rewarding to represent an insurer willing to demonstrate confidence in UK SMEs.
The case was a simple referral by a trusted introducer and the Purbeck underwriters did the rest.
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