Impressive results in challenging circumstances
We successfully collected 91% of an £835,000 sales ledger on behalf of a major high street bank when an industrial fasteners supplier entered administration.
The company, which supplied the railway, construction and manufacturing industries, ceased trading after the deterioration of the steel industry reduced customer levels and led to cash flow difficulties.
- The company were using an outdated accounting system which meant it was impossible to extract the data electronically
- The outstanding invoices were unable to be printed and emailed in one batch, so each one had to be done manually and individually
- With nearly 1,000 debtors and an average transactional value of just £110, it was an extremely time-consuming and labour-intensive job
- Over £128,000 of the sales ledger balance (15%) was classified as aged debt, disputed, contra or as retro rebates
Ian Tramaseur, Director at Hilton-Baird Collection Services, said:
“Given the high volume, low value nature of the transactions on the sales ledger and the challenges experienced with extracting the data electronically, we were delighted with the outcome and the speed in which it was achieved.
“After spending two days on site at the outset, meeting representatives from the company in administration and the administrator, it was possible to gain a good picture of the case and produce a detailed draft outturn for the lender.
“Our team’s determination and expertise allowed us to recover far more than initially anticipated, recovering the lender’s position and maximising the value for the company’s creditors.”
We can provide a range of expert debt collection services to lenders, advisers and their clients, from full sales ledger recovery to outsourced credit control. For more information about how we can help, call 023 8070 7392 or request a call back.