Non-Recourse Factoring
Doing Business The Jamie Oliver Way
Politicians and the media have served us up a fine meal with all the noise and tears surrounding healthy eating. It’s certainly an emotive issue - from dinner ladies crying on Jamie’s shoulder to school children weeping into the latest healthy dish to grace their plates.
Someone who’s all smiles though is founder of Birmingham-based Apeeling Veg, Sarah Wagstaff.
A brain wave dreamt up 16 years ago while working as a chef shaping fruit and vegetables has - through hard work and an innovative approach to cash flow delivered by Bibby Financial Services - become a business with an annual turnover of £660,000 and a team of 18.
Sarah said: “Associating the healthy-eating cause with celebrities and pushing it into the political arena is great and has really catapulted our business forwards. Although it’s high profile at the moment it’s important to look at the wider picture, remembering these issues aren’t new and that long-term change is vital.”
Apeeling Veg specialises in sourcing locally grown fruits and vegetables, preparing them in a variety of manageable and attractive ways from melon balls and radish roses to baton carrots and pomme fondant. The products are then distributed to Birmingham’s schools, and restaurants and food outlets across the UK.
Products are seasonal and sourced daily from Birmingham’s wholesale market or the nearby Vale of Evesham. All products used are bought from reputable European-based suppliers, ensuring full traceability, and this has led to Sarah attaining the coveted British Retail Consortium Accreditation to reflect this commitment. Peeling and chopping the ready-prepared produce close to the site of consumption rather than using cheap overseas labour ensures nutrient content is retained and the take up of the attractive portion-sized fruit products is high when they reach the consumer.
Sarah said: “Developing a business with the core values of healthy, good food has not been straight forward and indeed working with these values has at times thrown up some difficulties. The nature of our business means we have to make immediate cash payments to our suppliers for the fresh produce, but we can then wait 30 – 60 days to receive payment from our customers. We needed to identify a method of funding that would enable us to bridge this gap, freeing up the cash tied up within our business.”
Sarah chose to work with Bibby Financial Services’ and benefits from a flexible funding solution that releases up to 85% of the value of her unpaid invoices, as well as receiving a full and comprehensive sales ledger and credit control service.
Sarah continued: “We also benefit from Bibby Financial Service’s bad debt protection, which is essential as it provides me with added security and peace of mind. They will bear the brunt of a customers insolvency - ensuring I get paid even if one of my customers fails. Without this type of support we could not have worked with producers at this grass roots level and built the business we have today. We’ve been using this type of funding for the past decade and in the past 12 months alone have had over £300,000 advanced in this way.”