Stuart Dunbar
Name: Oak Exports
Industry: Exporter of non perishable foods
Website: www.oakexports.co.uk
“The current exchange rate has seen an increase in orders and having Bibby Financial Services on board has meant that we have a sufficient amount of cash flowing through the company to embrace this expansion and fulfil the orders on time. Let’s hope this continues.”
When starting the business in 1987, company directors Stuart Dunbar and Richard Harvey saw a gap in the market for exporting British foods to foreign shores. Now, 22 years down the road, Oak Exports is a successful Exporter of non-perishable British food and drink, including the UK’s favourite chocolate and sauces, to retailers, wholesalers and distributors across 36 overseas markets including Singapore, the Far East, Australia and recently the US.
The Problem
However, as with many things, exporting does not come without its own challenges. Stuart soon discovered there was a gap to be bridged between the 30 days payment terms he had with his British suppliers, and the 60 day payment term his overseas customers worked to.“Differing payment terms across the world is only to be expected, but we needed to address the problem quickly to maintain excellent relationships with our suppliers” Stuart explains.
Oak Exports turned to independent invoice financier Bibby Financial Services and has now been using its International factoring service for the past six years.
The Solution
“We were previously working with another alternative finance provider but were unsatisfied with the offering available to us. When we were introduced to Bibby Financial Services in 2003 it was the start of a beautiful relationship as they say!”
Using Bibby Financial Services’ invoice finance package was the perfect solution for Oak Exports, allowing them to fulfill all their customer orders on time and as smoothly as possible.
Stuart added: “The service means our cash flow is totally freed up by releasing a percentage of our invoice value providing a smooth, consistent source of funding that grows in line with our sales. Moreover, Bibby has allowed us to grow the business without the usual headache of handling our own credit control.”
Working with Bibby Financial Services
“From experience, I have found that Bibby Financial Services has a greater level of understanding of our business than any other finance provider out there. It is so refreshing to have a real person at the end of a phone and they are always on hand to talk through any queries.”
Business is going well for Oak Exports and though Stuart is cautious to jinx it bearing in mind the current economic climate, it looks set to continue. With Sterling particularly weak at the moment, Oak Exports has been moving more products to the Far East, allowing it to expand its product offering to a region previously difficult to trade in due to the products typically being too expensive to retail.
Stuart concluded, “The current exchange rate has seen an increase in orders and having Bibby Financial Services on board has meant that we have a sufficient amount of cash flowing through the company to embrace this expansion and fulfill the orders on time. Let’s hope this continues.”