Case Studies

A €30m paper manufacturer, which had undergone an insolvent restructuring two years earlier, still found it difficult to access credit from banks and suppliers. Its business model was sound, but growth was constrained by a lack of working capital. In 2010, TFS entered into an agreement to support their export by releasing a high portion of their invoices upfront. TFS also subsequently provided outsourcing support and import finance, opening-up access to international wood pulp raw material suppliers and lowering input costs.

In 2009, a €20m recycled paper manufacturer had the opportunity of entering new markets with orders in hand from customers in Hungary and Greece. At a time of global recession and sovereign debt crisis, the incumbent banks withdrew their support from these markets. TFS took a different approach and formed positive views on the individual debtors in these areas, advancing a substantial amount on the invoices raised.

In 2008, TFS received a mandate from a €40m oleochemical manufacturing concern to source specific raw materials by approaching suppliers on their behalf. Our customer was keen to increase the allocation of these scarce raw materials and wished to pay within 90 days as opposed to cash in advance (as is customary in the industry). TFS successfully completed the mandate and still finances the purchase of these raw materials on behalf of the client.

In many countries of Europe and particularly in Greece, small producers have little chance of accessing factoring from their banks and credit insurance at acceptable rates. In 2017, our client exporting to the USA high quality wines and needing to support its distributors on 60 and 90 days terms, enjoyed our Export Finance services to guarantee payments and to expedite its cash collections.

Based in southern Italy, a EUR15m rapidly expanding producer of gourmet vegetables improve their balance sheet, which is burdened by excessive bank debt, using TFS Export Finance on certain export customers. By moving away from factoring towards demanding prompt payments and, also supported by TFS since 2016, this client has restored its balance sheet to meet its bank covenants and credit agencies targets.