By Ben Simmons

A specialist provider of plumbing and electrician courses has received a significant £1.2 million boost from Centric Commercial Finance, experts in asset-based lending (ABL) including invoice discounting.

New Career Skills Limited (NCS) has already opened a new training facility in Watford, doubling the number of placements available to prospective students and adding to its two other centres in Southampton and Doncaster.

Centric’s loan facility is a boost for the in house finance team at NCS, which helps students to fund their investment in a new career by extending financial credit. Having now opened its new state of the art teaching centre, which includes renewable training, NCS is able to match its physical offering by introducing a broader range of payment options for its students, including finance over up to three years. It is also recruiting more course advisors.

With greater access to working capital, the management team at NCS is benefitting from the increased flexibility that cash flow offers and is looking forward to a year of strong growth.

Tim Hawkins, commercial director at Centric, structured the deal for NCS. He commented, “One of the company’s key benefits is that it offers people looking to retrain the funding with which to do so. With 8,000 enquiries a month we could see enormous potential in NCS. We could also see that the company’s growth was particularly dependent on funding.”

Marc Rickard, finance director at NCS, added, “Centric’s facility is already allowing us to grow faster. Tim’s team has taken the time to understand us and our business. Centric has recognised that the courses we offer lead to economically viable employment for those who are out of work or hoping to switch careers, but that a lack of government funding for those acquiring new skills means that there is pent up demand for the service we offer. Centric has created certainty in our future, allowing us to make a positive impact and change the lives of our trainees.”

Centric has provided funding to businesses operating in the consumer debt financing area in the past and has a good track record in this field.
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