“Invoice financing from Access has given us the scope to develop our product, and its reach, and we now supply StackaWraps to the top four creative agencies in the country.”
A funding deal and invoice financing has helped a Manchester firm to blaze a trail in the advertising industry with its ground-breaking, flat pack 3D product replicas.
StackaWraps are large format 3D replicas that have been so successful that they are currently used by the top four creative agencies in the country. The innovative design, which has been patented by founder Richard Peter, is flat packed so it even fits in the boot of a car.
Some of StackaWraps designs have included a 6m high beer glass, giant aftershave bottles, and even oversized pairs of jeans, designed for major national brands.
StackaWraps can be constructed from any photograph, creating lifelike oversized replicas that can be flat packed and then built up in five minutes, using Richard’s patented slot and stack system. They offer a clever alternative to traditional large-format advertising because the software that’s used to create them captures every shadow and detail of the product, giving a much more arresting replica.
Richard says: “There was an obvious gap in the market for attention –grabbing, portable replicas that actually did true justice to the products that they are selling. We developed Stack a Wraps as an alternative to the flat, fibreglass or Styrofoam replicas that have been the only option till now, and the response from clients and advertising agencies has been amazing.”
The issue for StackaWraps, in financial terms, was twofold – the costs of developing the product and obtaining the patent for the unique slot and stack system were huge. It was also tricky to offer new customers payment terms – creative agencies are intermediaries for their clients and so the payment process tends to be lengthier than usual.
An initial funding boost from Access has help StackaWraps to bring their innovative product to a wider audience, and the invoice finance facility that has been put in place keeps cash flow moving quickly.
Invoice financing, with Access, minimises the risk of building new client relationships and it gives StackaWraps instant access to the money that they have made from a StackaWrap booking.
Matt Haycox from Access Finance says: “It’s gratifying to have been able to help propel an exciting young company like StackaWraps, who have a cutting edge product, into the fast lane. With new firms that are developing a unique concept like StackaWraps, it can be difficult to find the funding to develop ideas and pursue patents at the same time. It’s also essential for companies that are working with intermediary companies like creative agencies to be able to build trust quickly, and our invoice finance offers that extra level of protection.”
Richard was impressed with the finance deals that were offered to StackaWraps, particularly the invoice financing.
He says: “Invoice financing has helped us to pick up the pace with our growth, and really get our name out there. It means that we can explore new customer relationships, easily and confidently, secure in the knowledge that there is some layer of protection in place and our cashflow will keep moving quickly to facilitate further growth. It’s great to work with a company like Access who are as enthusiastic about StackaWraps as we are. Since we got our finance in place, we’ve grown phenomenally – the creative agencies that we work with control the lion’s share of the advertising industry so StackaWraps is firmly at the forefront of everyone’s consciousness.”
If you’re developing an innovative product to wow the world with, but you lack the funding to bring it to market as quickly as you would like, talk to Access Commercial Finance on 03330 069 141 to find out how we can help.