McInnes Manufacturing is a family owned business based in Waipu, Northland. Their innovative, award winning plastic rotational molders for calf rearing were born from years of dairy farming experience.
The organisation previously had an Invoice Finance facility with another finance company that was unsatisfactory and a decision they ended up regretting. Fortunately, turning to Lock Finance was a decision that was quite the opposite.
Ross Papworth, Financial Controller explains that dealing with Lock Finance “has been a sensational experience”. Their more flexible Invoice Finance facility opened up the ability to use their cashflow more effectively and grow their business globally.
McInnes Manufacturing now exports to Europe, USA, South America, Australia and China and working with Lock Finance allowed them the opportunity to develop these markets more vigourously.
Ross says that the systems in place at Lock are “simple, very easy and quick! The staff are incredible and make things straight forward”.
Digitech Services
When it comes to embroidery on all forms of apparel - hats, shirts, bags etc Digitech Services are experts. Being a successful growing business they need to import various articles of embroidable merchandise well in advance of key seasonal demand.
To facilitate this and minimise pressure on cashflow, Choppa Casey, Managing Director of Digitech Services chose Lock Finance as a business partner in early 2014. Recommended by existing customers Choppa was nervous about moving into new territory with Lock Finance. However, 7 months into the relationship Choppa rates Lock as "outstanding" and "really good to deal with" and most importantly now a valuable asset to his business.
At Lock Finance, the feeling is mutual with the added benefit of having an expert supplier for our requirements of branded apparel.
Senco Brands
Senco Brands are responsible for putting a roof over many New Zealander's heads. As suppliers of fasteners and tools most of the prenail frames that make up New Zealand roofs have probably been touched by the Senco brand. Two years ago Senco purchased their existing New Zealand agent Timberlock. Mark Glidden who was a Director and Shareholder of Timberlock then transferred to the new business and therefore brings a significant history not only the business but dealing with the financial requirements of the business. Despite dealings with two of the largest trading banks, Mark was not able to experience the promises of business partnership. This despite significant stock inventories and a list of blue chip customers including Mitre 10, Placemakers etc.
However, having been introduced to Lock Finance, Senco have now found a true business partner. One of the key differences that Mark has experienced is that in contrast to previous trading bank relationships Lock are actually interested in Senco's customers and have taken the trouble to understand the business. For example, Senco imports a significant amount from China. However, given the virtual close down of Chinese exporters for the month of February to celebrate Chinese New year, there is an annual need to increase stock holdings prior to February in order to take into account the lack of deliveries during and subsequent to February. Lock understands these seasonal challenges to a business like Senco and is there to provide the appropriate level of support.
For Senco, the days of being refused a $50,000 facility by a major trading bank against receivables security of 1.2 million and stock security of 1.5 million are gone. Also the days of spending $13 million with a bank over a period of 5 years and receiving no communication in that period is also over. Thanks to Lock Finance.