Business Plus

Challenges Continue But Businesses In Munster Are Positive

- them to boost cash reserves or be more flexible. Similarly, invoice discountin­g, which enables businesses to access up to 90% of the value of their

Most of the businesses Close Brothers is working with are experienci­ng pressure from rising operation costs like labour, raw materials, and fuel, according to Willie John Manley, sales director in Cork.

“It continues to be a challengin­g period for businesses as we recover from Covid-19, and rising costs add additional pressure,” Manley explains. “We’re working with companies across different sectors who need to improve cash flow quickly, and we’ve been able to provide invoice finance and asset finance solutions to meet their working capital needs. For many, ensuring that they have the capital they need to keep trading and adapt is a main goal. Delays in sourcing replacemen­t capital equipment is also a growing concern.”

Close Brothers’ asset finance lines are performing well at the moment, especially capital release, Manley adds. “Businesses are refinancin­g different assets, such as machinery and vehicles, to give them an immediate cash injection. It can enable invoices before they are raised, is proving popular.”

Close Brothers has recently moved into new offices on Horgan’s Quay, highlighti­ng the company’s commitment to support businesses in the Munster region in the years ahead. “Our team in Cork is growing and we’re looking to recruit people with a background in asset and invoice finance,” says Manley.

“I think businesses in Cork and Munster are feeling positive overall, and some recent high-profile job announceme­nts have added to the increased prospect for growth and trade. We’re seeing increased investment in Cork City and suburbs, and there are a number of large capital projects and infrastruc­ture developmen­ts which are being worked on at the moment.”

 ?? ?? Willie John Manley, Close Brothers
Willie John Manley, Close Brothers

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