Miss Fit Enterprises Limited
ABOUT MISS FITT ENTERPRISES LIMITEDMiss Fit Enterprises Ltd is a health, wellness & weight loss company striving to promote a healthy lifestyle through the use of supplements. All of the products in the Miss Fit range have been created by Ruthie H, a Clinical Nutritionist. The range includes popular detox tea Miss Fit Skinny Tea which is stocked in multiple pharmacists and retailers across Ireland and the UK.
CHALLENGEThe company is in a high growth phase and have a working capital requirement to fund their expansion into the UK. As a new company they found it difficult to source a flexible funding solution to support this growth. They are looking to start funding some of their Irish debtors before the end of the year before utilising the APL platform to fund their UK business (Debtors will include major pharmacy chains like Boots and Lloyds).
BENEFITAccelerated Payments selective invoice payment solution allowed Miss Fit to start accepting larger orders from their clients in the UK and Ireland. Previously the payment terms in place with these debtors could be up to 75 days and the wait for payment was having a knock-on effect on their ability to purchase new stock. Now they can begin to grow quickly with the knowledge that they can receive early payment on these invoices and use the funds to purchase stock. As Accelerated Payments look at the credit quality of the debtors and not the balance sheet of the supplier, Miss Fit have been able to gain access to a much higher level of funding than they would with their bank. They plan to continue to use Accelerated Payments to grow their business going forward.
“The solution is perfect for new companies in a high growth phase as the flexible model allows us to fund our larger orders. This was not a solution our banks could assist us with and the speed with which Accelerated Payments operate will allow us to continue to grow quickly.”