Vendor Case Study Video
Case Study: Newport Logistic
November 23, 2021 |
The C2FO Team
C2FO platform helps a Barcelona logistics provider grow through managed and expedited cash flow.
Facilitating deliveries of shipping containers has become increasingly important during the pandemic as worldwide companies battle supply chain issues. And for Newport Logistic, located in Barcelona, Spain, that means quickly adding trucks and other equipment to ease delivery burdens.
According to Company Manager Sebastián Urenda González, using C2FO’s Early Payment program helps shorten the machinery acquisition process by quickly accessing working capital from its customers — and with fewer bottlenecks than legacy lending processes.
“With C2FO,” González said, of investing in more machinery, trucks and trailers, “we can use our accelerated cash flow instead of having to request a loan from the bank or a subsidy ... and minimise the short-term costs.”
Newport Logistic began in 2018 with just a few trucks, clients and suppliers, growing ever since, according to González. Serving clients including Maersk, SealLine, forwarders, shippers and shipping agents, Newport Logistic’s tipper trucks move goods and containers to inland destinations following delivery to ports by national and international ships.
Growing the business requires expanding the company’s capabilities, and that’s where the Early Payment platform from C2FO helps. “About 50% of our clients pay within 30 days, 40% pay within 60 days and the remainder pay within 60 to 85 days,” mostly by bank transfer or reverse factoring, González said. Early payments help Newport Logistic invest in new machinery like trucks or platforms to cover the high upfront costs.
González also enjoys the experience of working with C2FO. “The first person I talked to was Gustavo, and to be honest, it was wonderful, because he’s someone who, from the first day, it was very easy to talk to, who has guided us through this whole process, and to be honest, I’m really delighted,” González said.
Depending on a given month’s business activity, González likes using the C2FO platform on-demand, saying, “C2FO is a program that helps companies a lot; it helps a company grow and run smoothly. I’d really recommend C2FO as a good ally to help a company grow.”