Challenges Continue But Businesses In Munster Are Positive
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.”