Pictured: Chris Duffill
Nottingham-based dispute management specialist, The Vinden
Partnership, has teamed up with invoice finance provider Bibby
Financial Services to launch a unique funding solution for
architect practices.
The confidential service has been developed in response to the
difficulties faced by architects in obtaining finance in the
current economic climate. It will see effected practices gain
access to funding tied up in project milestones under most standard
forms of appointment before the milestones are achieved.
The product has been tailored to address the industry's main
challenge of waiting up to 90 days for payment and includes a
dedicated credit control team to support the management and
collection of outstanding billing.
The Vinden Partnership, with 17 years' experience in dispute
management and mediation, will be offering expert advice and
adjudication services to architect clients in the event of disputed
fee accounts being withheld.
Midlands director at The Vinden Partnership, Chris Duffill,
said: "Finance in the construction sector has become almost
impossible to secure as the uncertainty in the property market
continues and recovery remains slow. This unique finance product
from BibbyFinancial Services is a real lifeline for architects,
allowing them to access much needed monies owed to the business. It
could make the difference between a practice surviving the
recession, or not.
"Having expert dispute management advice as well as a real
understanding of the construction market can be invaluable to
companies in this situation and recovery of funds without affecting
the reputation of a business is vital."
Andrew Dixon, specialist finance executive director at Bibby
Financial Services, added: "With extensive experience of supporting
the construction industry through our unique construction finance
offering, we have a deep understanding of the way firms operating
within the sector are financed and how payment between contractors
works. Because of this understanding, we are able to bring
solutions to the funding challenges faced by architects.
"While other finance providers remain reluctant to fund
architects, we are confident that our offering will meet the needs
of the industry while providing a valuable source of finance."