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EGS Support Services
How Lloyds’ support gave a security company in Essex the confidence to grow and diversify.
Read time: 3 mins Added: 25/02/25
For companies like EGS Support Services, payment terms of 30 to 90 days are a fact of life, making cash flow management a constant challenge. Lloyds’ Invoice Finance service gives them the working capital they need to pay wages, invest in equipment and grow their business.
A smooth sign-up
EGS is a security business whose core services include uniformed guards, personal protection and venue crowd control. Managing Director (MD) Mark Verard was previously MD of a similar company and recalled having a good experience with Lloyds’ Invoice Finance service.
So, once EGS had achieved sufficient scale, he contacted Lloyds again. ‘I didn’t even shop around,’ he admits. ‘It was all very smooth and seamless. I was introduced to Mark who granted our first facility in August 2021 for £200,000.’
Financial flexibility
For EGS the new facility proved transformational. ‘Paying people is paramount in a business like ours where the payroll for security staff alone is £260,000 a month. So, when we have a new contract that we’ve already invested in with 90-day payment terms, it can be challenging to meet that target without drawing down on invoices.’
Once granted, the facility was soon running smoothly and, after several increases, now stands at £1.2 million.
EGS’s professionalism impressed Invoice Finance Associate Director, Mark Williams from the start. ‘Whenever I asked for financial information such as accounts or contracts, their finance manager, Ash, produced it right away which helped us to make fast funding decisions and build a stronger relationship.’
Beyond the bottom line
Lloyds has also provided a valuable sounding board for EGS. As Mark Williams explains, ‘This was a new client, growing rapidly but initially reliant on one major customer, which posed some risks. The business recognised this and had a plan to broaden their customer base.’
‘After discussing it, Mark implemented the plan effectively, and they now have a much broader range of very creditworthy customers. Also, they now operate nationally, not just locally.’
Mark has made some really prudent business decisions, so if he phones me tomorrow about another increase, I'll be happy to recommend it. I know they thoroughly evaluate the risks associated with new customers, giving us the confidence to increase facilities. We have a good understanding of what it takes to make the facility work.
Mark Williams Associate Director, LloydsStraight talking support
From EGS’s point of view, they value Mark Williams for his supportive and straightforward approach. ‘I’d rather a Lloyds director tell me there’s a risk with a particular new client because then I know where I stand and can make the judgement call myself.’
He also appreciates the professionalism of the service. ‘When we started out, we used a private Invoice Financing organisation and could never get hold of anyone. But if I send Mark an email, he responds right away.’
Onwards and upwards
A feature of EGS’s business that makes Invoice Financing easier is their growing client base of prestigious names such as UPS and Knight Frank. Indeed, the latter has just invited Mark Verard over to head office to pick up their award for contractor of the year.
Ultimately, EGS wants their clients to see them as a ‘one-stop-shop’. Through recent expansion into adjacent services such as maintenance and cleaning, clients can now be provided with more than just a security contract.
Mark Verard is very clear that the relationship of trust with Lloyds has helped with this. ‘Knowing we've got the financial support and expert advice behind us means we can approach bigger clients. We can just be more relaxed about it.’
6x turnover expected
EGS is certainly thriving with a business turnover that has increased from £2 million to an expected £12 million next year, and the relationship has been key to that.
As Mark Williams said ‘Mark Verard knows what he's doing, he works hard and he’s someone I have a high regard for. I expect the business to continue growing and we'll continue to support that growth.’
Mark Verard is similarly satisfied. ‘I'm a loyal person and, having built this relationship, I don’t intend to go anywhere else but Lloyds. They helped me at the start and I intend to stay with them all the way.’
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Factoring and Invoice Discounting may be provided by one or more of Lloyds Bank Commercial Finance, Lloyds Bank plc or Bank of Scotland plc. Asset Based Lending and Debtor Protection facilities are provided by Lloyds Bank Commercial Finance Ltd. or Lloyds Bank plc. Lloyds Bank Commercial Finance Ltd. Registered Office: No.1, Brookhill Way, Banbury OX16 3EL. Registered in England and Wales no.733011. Bank of Scotland plc: Registered Office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland No.SC327000. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration no. 169628.
We are a member of UK Finance and subscribe to the Invoice Finance and Asset Based Lending Standards (“IFABL”) Framework and Code. The Code can be found here.