Promec
- Sector: Mechanical & Engineering Services
- Location: Munster, Ireland
- Solution: Working Capital Funding
Enabling smarter purchasing and steady growth
Promec is a mechanical and engineering services company delivering projects across commercial, residential and industrial sectors throughout Ireland. As the business continued to grow and secure larger projects, maintaining consistent cashflow became increasingly important.
Like many project-based contractors, Promec needed to fund materials, labour and supplier costs well in advance of receiving payment from customers. Supplier payments were often required immediately, while customer invoices were paid on credit terms. This created pressure on working capital and limited the company’s ability to plan purchasing efficiently.
To support operations, Promec implemented a funding facility linked directly to its sales ledger. The solution included invoice discounting, with additional protection and trade finance options when required.
The immediate availability of cash allowed the company to pay suppliers promptly and purchase materials in bulk. Being able to buy ahead significantly reduced material costs and improved project planning. Instead of reacting to payment cycles, the business could make purchasing decisions based on operational needs.
According to Director Jonathan McCarthy, the funding has improved both financial stability and operational efficiency. With reliable access to working capital, Promec can manage projects with confidence and focus on delivering work rather than monitoring payment timelines.
The improved liquidity has also supported continued expansion. The business has been able to take on more work and negotiate better purchasing terms, strengthening margins and competitiveness.
“The funding gives us the cashflow to bulk buy materials at a lower price. It has enabled us to grow and operate more efficiently, and I would have no hesitation recommending the facility to other businesses.
“Bibby Financial Services provide us with invoice discounting, bad debt protection and trade finance if required. By having these facilities, it means we have cashflow to bulk buy material at a much lower price. This has enabled us to grow, to buy better and buy smarter. I’d 100% recommend Bibby Financial Services funding to other businesses.”
Mark O’Rourke, Managing Director at Bibby Financial Services Ireland, explains that funding linked to invoices increases automatically as sales grow, providing ongoing access to working capital:
“As turnover increases and more invoices are generated, the funding available grows alongside the business. It gives companies day-to-day liquidity without putting a ceiling on expansion.”
Colin Moran, Head of Lending at SBCI, notes that many SMEs experience a timing gap between paying suppliers and receiving payment from customers:
“Access to working capital is critical for growing businesses. Facilities like this help companies manage cashflow pressures while continuing to invest and take opportunities.”
From the funder’s perspective, the facility is designed to grow alongside the business, Mark O’Rourke, Managing Director at Bibby Financial Services), explains that funding linked to invoices increases automatically as turnover grows, providing flexible working capital rather than a fixed borrowing limit. As the business grows and invoices increase, the available funding grows with it. It supports day-to-day operations without restricting expansion.
