Siemens Financial Services has provided an invoice finance facility to Epic International, which provides technical manpower to the UK oil and gas industries.
Launched in 2000, Epic International has a turnover of 7m (£5.5m) and currently employs around 70 people.
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"As a result of the falling price of oil, many companies in the sector have been challenged and over the past year some of Epic’s customers have extended their payment terms from 30 days to 45 or 60 days. This was having a detrimental impact on Epic’s cash flow," wrote Siemens Financial Services.
David Rowan, managing director at Epic International explained: "It’s understandable that when a sector is struggling, companies would look to give themselves longer to pay their bills. But this has a knock on effect for others. Our biggest capital expenditure by far is our wage bill, so to avoid paying staff late – or even worse laying them off – it’s essential we bridge the gap between providing a service and being paid for it."
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