MEDIA
RELEASE Australia’s textiles industry is in urgent need of a financial management upgrade, according to a funding expert. The textiles industry, which is notoriously competitive with a disturbing number of casualties, is also finding on-time client payments as difficult to maintain as realistic profit margins. ‘We’ve been operating in this industry for some time now but In just the past year we’ve found client payment terms have blown out nearly an extra 17 percent from what was previously unacceptable,’ says Oxford Funding’s Rob Lamers. ‘This is among the worst of all the many industries with which we work and is a sign of how tough textiles undeniably is. It is clearly a result of the over-supply of importers and manufacturers chasing a finite amount of distribution where clients are not only hanging out for the best price but also stretching payment terms to the maximum.’ Oxford Funding, which is part of the Bendigo Bank, is a national debtor financing company whose financial products include an invoice financing service to many industries, including textiles. An internal review of its operations to monitor how various sectors are performing revealed that textiles is not only a very hard industry in which to run a business but the clients are increasingly unwilling to pay on time. ‘With our expertise at collecting outstanding monies, this last year’s blow-out means managing the debtors ledger is getting extremely difficult. It certainly is one of the worst situations on our books. ‘Clearly, the textiles industry needs all the financial help it can get.’ Lamers said. caption: Oxford Funding’s National Sales & Marketing Manager, Rob Lamers. ENDS Contact Oxford
Funding on 1800 850 509 or www.oxfordfunding.com.au |
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