Invoice discounting 'facilitates acquisition'

31/01/2008

Invoice discounting assisted Research Now in its acquisition of online data collection service OpenVenue, the company has revealed.

The fieldwork specialist details the invoice discounting provisions as part of its preliminary results for the financial year ending October 31st 2007.

Some £643,000 was contributed towards the transaction by the facility by that date, as well as assisting Research Now in its overall working capital position.

Chief executive Chris Havemann comments: "Research Now ended the 2007 financial year strongly, with all our business units performing well."

"We remain positive on the prospects for online research generally and believe the group is well positioned to deliver further profitable growth," the spokesperson adds.

Research Now explains that the invoice discounting facility is secured against its UK trade debts with a fixed charge and also by a floating charge over company assets.

The acquisition of OpenVenue was announced in January 2007 and increased Research Now's workforce of 150 employees by a further 100 individuals.