A nudge in the right direction – ADEC Marine Ltd
Even though the UK economy has seen a recent welcome upturn in events, one of the most problematic repercussions of the struggles that remain is late payment.
Any sort of late or non-payment can be crucial for businesses and affects organisations of all sizes.
Many firms have delayed payment in order to preserve their own cash flow, making for a disastrous vicious circle. We’re no amateurs at listening to the list of excuses many debtors reel off and of course sometimes they are sincere. But at this stage, what do you do when the money you’re owed seems permanently out of your reach?
It was at this point that ADEC Marine Ltd, supplier of marine safety equipment, got in touch with Hilton-Baird’s debt recovery team. Accounts manager Nilesh Shah was keen to take the right approach, and with Hilton-Baird’s proven track record of understanding the circumstances preventing the debtor from paying, the team quickly developed a strategy to recover the invoice.
A letter sent to the debtor proved to be a nudge in the right direction as 50% of the invoice’s value was settled three weeks later, with a recovery of the full amount secured in just two months.
Mr Shah explained: “We’d reached the end of the line with the client in terms of knowing what steps to take next. I’m very happy with the result of the situation once Hilton-Baird got on board. They were very professional in their approach and saved me a lot of stress in the long run.
“I will definitely use them again in the future if need arises.”