Starship LLC dba Rockstar Sushi was in a less than supportive relationship with a small accounts receivable finance lender, or factor, whose limited resources meant that a large number of the apparel company’s invoices to its customers frequently went unfunded or only partially funded, leading to insufficient cash flow. With critical supply orders to finance and employees to pay, the company couldn’t afford the significant roadblocks caused by the lender’s limitations and chose to seek a new lending company in 2013.
Based on the credit strength of its clientele and its own annual sales, Starship LLC dba Rockstar Sushi was able to secure a $400K factoring facility with Bibby Financial Services in 2013. Since that time, BFS has provided several specialized financial solutions including overadvances, a COD line, and a long term overadvance facility. Each cash flow solution provided by BFS has been instrumental in the company’s continued growth. “Rockstar Sushi has been a great example of how our client relationships work,” stated Operations Manager Steve Damon.
“Since the initial funding, we’ve acted on several opportunities to help the company navigate through the challenges intrinsic to the seasonal nature of the apparel industry. We see the potential in each situation for the client to overcome an obstacle and come out stronger on the other side. I think that’s why they trust us to offer the right solutions to meet their needs.”
We chose Bibby Financial Services at first because of their reputation and expertise in the apparel industry,” stated Mathey. “We’ve stayed because of our relationship with their support team and the assurance we have that the money we need will always be there.” The most significant measurable result has been the company’s ability to produce larger volumes and engage more high-profile customers. Starship LLC dba Rockstar Sushi saw an increase of 500% in annual sales between 2013, when the company first signed on with BFS, and 2016. “We saw the difference right away,” said co-founder David Mathey.
Availability to finance invoices was no longer a concern as the team at BFS responded to requests quickly and efficiently, freeing Mathey and his staff from the administrative burden of chasing payments. “We have daily contact with our Account Executive, who is very responsive. The communication and support we get from BFS enable us to focus on growing the business.”