8th August 2024
Wiltshire Print Finishers, 
a pillar of the Wiltshire printing scene with over 50 years experience, found themselves facing a major crisis in February 2024. Two of their largest customers, responsible for a significant amount of their revenue, unexpectedly went into administration. This sudden loss threatened to financially cripple the company’s cashflow.
However, a seemingly minor decision made just a few months prior proved to be a lifesaver. Back in November 2023, Wiltshire Print Finishers had partnered with Skipton Business Finance for Invoice Factoring with Bad Debt Protection (BDP). BDP acts as a financial shield, protecting businesses from the negative impact of unpaid invoices issued to customers who become insolvent. This forward-thinking move, initially seen as an additional administrative step, became the key to their survival.
"We were new to BDP when we started working with Skipton," explains George Day, Finance Manager at Wiltshire Print Finishers. "It was suggested that we consider BDP when we explored Factoring, and the cost seemed reasonable. It just made good business sense at the time."
The true value of BDP became undeniably clear when two of their major customers became insolvent. "It was a complete shock," recounts George. "Losing that much revenue could have put us out of business. We'd almost forgotten about BDP entirely, so it was a huge weight lifted when Skipton assured us that they could handle the situation through Bad Debt Protection and we'd get our money back."
Thanks to Skipton Business Finance's Bad Debt Protection, Wiltshire Print Finishers were shielded from the bad debt and recovered the lost funds within a couple of weeks. "Without BDP, it definitely would have been the end for us," emphasises George.
The process itself was smooth and hassle-free for Wiltshire Print Finishers. "It was incredibly easy on our end," says George. "Stephanie at Skipton took care of everything. As a busy company, that level of support was invaluable in itself."
Stephanie Odunston, Head of Bad Debt Protection at Skipton Business Finance, played a crucial role in ensuring Wiltshire Print Finishers received the support they needed. Stephanie added her thoughts: “I’m always aware what a distressing time it is for any business when a key customer fails.”
“At SBF we try to make this as stress free as possible, by gathering all the paperwork we need in a timely manner and liaising directly with the appointed insolvency practitioner, to confirm the unpaid debt. This ensures we can complete our assessment promptly and deliver the good news that BDP payments are on their way.”
Stephanie added: “I’m delighted for George and Wiltshire Print that we were able to confirm their two payments, allowing them to focus internally on the important job of replacing the lost turnover.”
Looking back, George is incredibly grateful for the decision. "BDP has been an invaluable asset," he says. "It's a small price to pay for the peace of mind it provides."
Wiltshire Print Finishers' experience serves as a powerful reminder of the importance of proactive financial protection. A seemingly minor step like Bad Debt Protection can make a world of difference when facing unexpected challenges.
Don't wait for a crisis to strike – learn more about BDP and how it can protect your business here.