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Customer success story

Harlow Group

A component manufacturer, on financing for stock

Harlow Group makes big components which are primarily made up of lots of little components and needed a solution for financing stock being held.

Transcript

The Harlow group was founded in 1975 by Alan and Len, and they were engineers working out of a very small shed in North London. And from there it grew.

Harlow Group makes big components which are primarily made up of lots of little components and that could be anything from a very complicated Aerospace box to an entire electrical and manufactured distribution unit for Brompton bikes.

We had to change a little bit about our market and how we were selling goods.

We went from very much a subcontractor base to making a product and holding that product on behalf of our customers so that the customer could actually draw down that product from us when they wanted it. And at one point we hit 1.6 million pounds worth of stock and work-in-progress and finished goods.

We needed a solution for financing that stock we were holding.

InstantAdvance was by far the best solution to help fund part of that money, and I’ve
never looked back to be honest and it’s worked perfectly from day one.

More than ever, I think there’s pressure on cash flow, especially with supply chain issues and with inflation pressures that are out there at the moment. And Previse is the perfect partner. It works on turnover, it works on revenue when my revenues are low, and I’m building things, I can borrow. When revenues are high because I’m selling what I’ve built then I pay them back.

It’s absolutely perfect partnership and we will be using them in the future.