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Delivering the optimal funding mix for Gas & Plumb Bits
Gas & Plumb Bits’ North Star Objectives
Reliable Financial Partner – To find a dependable long-term partner for all their finance needs.
Improved Working Capital and Growth – To secure a higher level of working capital to drive growth, expand business operations, take on new premises and maintain competitive pricing.
Cost Savings and Additional Solutions – To save money by transitioning to a more flexible funder and to be able to finance CAD design tools, through a structured lending facility.
About Gas & Plumb Bits
Founded by Co-Directors Ross Pavey and Steve Ware in 2005, Gas & Plumb Bits is an independent merchant specialising in plumbing, heating, spares and controls, bathrooms, tiles and renewable energy. Starting from its original branch in Bournemouth, the business has grown tremendously year after year and now offers two merchant branches, two bathroom showrooms and a renewable energy department. As part of The IPG Group, Gas & Plumb Bits is able to offer major brands such as Vado, Roca, Hansgrohe and Worcester, maintaining competitive pricing for its rapidly growing customer base.
Exploring the Opportunity
Ross Pavey, Co-director of Gas & Plumb Bits, said: “Our previous banking provider had become difficult to work with and their funding limits were putting a stranglehold on our business growth. We needed to secure a funding line from a new provider that would offer us a higher level of working capital.”
He continued: “I have known James Bingham from Pathfinder for around four years and invited him to see how he could help us. He comes with a wealth of knowledge and experience spanning a broad spectrum of financial products and services. He succeeded in helping us to migrate to a more flexible funder that will give us the freedom to grow the business. It has worked out very well in terms of providing a higher level of funding and saving us money in the process.
“Not only has James resolved our challenges in terms of our day-to-day working capital to help us drive our growth, but he has also helped us finance a whole suite of new computers. We are a cloud-based business and do a lot of CAD design work which necessitates using some fairly expensive equipment. Rather than tie up our capital by making a big initial outlay, James arranged a finance facility enabling us to spread the payments over time.”
Discovering the Outcome
A long-established business, Gas & Plumb Bits diversified its product offering in 2016. Since then, it has embarked on a steep growth trajectory. The company is expanding this year and taking on new premises which, in turn, will see more employment within the business.
Ross Pavey commented: “We see Pathfinder as the first port of call for all of our financing needs and would be very happy to recommend them to other business owners without a shadow of a doubt. James’ experience speaks for itself; we can always rely on him to make the necessary introductions or point us in the right direction. He does exactly what he says he will do. James Bingham is like the milkman, he delivers!”
James Bingham, Founding Director of Pathfinder Invoice Finance, added: “Establishing the optimal mix of financing that results in maximum value is a key challenge that many businesses face, especially during periods of continual growth. It has been a pleasure to work with Ross over the past four years and I look forward to helping Gas & Plumb Bits with this exciting new chapter of their development. One of the major benefits of building long-term client relationships is being a sounding board for the management team to help them resolve ongoing funding challenges and deliver the appropriate structures to secure new opportunities.”