British Water partners with URICA for supply chain funding

Water industry trade association British Water has agreed an exclusive business services partnership with URICA that will help its members improve cash flow and grow their international business.

URICA is a supply chain funding network developed for use by small to medium-size enterprises (SMEs) and was initially set up with funding from the UK Government via the British Business Bank. Designed to address the problem of late payment within SME supply chains, it is funded by large financial institutions and works closely with trade bodies in many sectors. 

URICA’s online platform gives companies more control over their cash flow allowing them to invite their suppliers to cash in their invoices early, and thus removing the strain of late payments. This means the benefits of supply chain funding are much more flexible and widely available to SMEs.

British Water International Director Lila Thompson said: “We want to increase the number of British Water members exporting not only to traditional markets, but to new ones too. We were very interested to see what URICA could offer our members and we’re delighted that they have agreed to an exclusive partnership in the water sector.

“British Water members working with URICA can receive much earlier payment on invoices than they might achieve through traditional routes. URICA also carries out independent checks to establish the financial status of customers to whom invoices are issued.

“This means that companies looking to expand into new markets and work with new clients have risk-free assurance that, not only will payment will be met, but will be met in a timely way.”

Katherine Herbert, Head of Partnerships at URICA, added: “We are delighted to be working with British Water in such a promising sector for growth in international trade.

“Smaller companies often come under pressure and suffer serious consequences as a result of longer payment terms expected by larger businesses, often pushing the smaller players into cash flow negative status or even driving them out of business. URICA bridges that gap by injecting cash into supply chains, enabling businesses of all sizes to pay and get paid on the terms they want.”

-Companies wishing to find out more about the British Water partnership with URICA can email lila.thompson@britishwater.co.uk