A leading fleet maintenance company has exceeded its sales targets and hired new staff after a challenging 2018 which saw the departure of a founding director and shareholder.
Riverside Commercial Services, based in Stockton, has increased its sales by 20% and expanded its team with 5 new recruits despite the impacts of a change in senior management.
In 2018, one of its directors and shareholders stepped down after serving the company for 11 years.
In their place, company accountant Lisa Cowley took up the role of Finance Director and shareholder.
Lisa commented: “We can now confidently say that we’re growing and moving in the right direction. It’s been a lot of hard work but it’s definitely worth it.
“Since the change we have worked hard to deliver on new contracts which means we’ve been able to expand our technical teams as well.”
To help with this move, Riverside Commercial Services turned to its Invoice Finance partner Skipton Business Finance for financial support and cashflow guidance.
As Lisa Cowley explained: “The fact that we were able to act fast – and Skipton Business Finance were flexible enough to help – means we were able to manage this challenging situation appropriately.
“I explained the situation with SBF and in only a couple of days they arranged the payment. We may have struggled with this if we approached a bank, as it may have been a much longer process which could have hurt us in the long run.”
Greg Bell, Managing Director for Skipton Business Finance explained: “If mismanaged, a move like this could have had a negative impact on the company’s credit and its financial health.
“Riverside Commercial Services were proactive in dealing with this situation and we are especially pleased we could help such an excellent company and long-term partner.
“We really believe that it’s more important than ever to work with people you trust and who trust you. If you believe in developing strong partnerships it can really help businesses get through difficult times together.”
To mark the new chapter in the company’s history Riverside Commercial Services rebranded after being previously known as M&J Commercials.
Riverside Commercial Services is a key competitor in the Teesside area providing high levels of servicing and maintenance to all makes of HGV, LGV and trailers. Its provides a wide range of services including 24hr Breakdown, Vehicle Recovery, Van and Truck Repairs, Diagnostics, Air-gas recon, VOSA approved inspections, MOT prep, Brake testing, and Steam Cleaning. Its clients range from single vehicle operators to several large fleet operators.
A subsidiary of Skipton Building Society, Skipton Business Finance is a leading independent factoring and invoice discounting provider, offering a range of working capital solutions for businesses with annual sales ranging from new-start to £30m.