15 August 2018Stanton Bonna
Stanton Bonna has been recognised with many awards for its innovation and commitment to safety and it therefore follows that they are very cautious when it comes to their finances. The Credit control function within the company is very strict.
The company started life as part of the Stanton group in Stanton by Dale Derbyshire. In 1988, eighty per cent of the division making precast concrete pipes and manhole covers was sold by the Iron-making parent Stanton plc to the French group Bonna thus becoming Stanton Bonna. Subsequently the whole Bonna group was bought by Consolis who are the owners today. The company’s products feature in many high profile engineering construction projects such as the London Olympic Park and the tram systems of both Manchester and Nottingham.
The backing of a major group means that much of the sales ledger is self-insured. An excess of £50,000 means that it would have to be a very large failure for a claim to be made. Until 2004, the company insured with Euler Hermes, but EH put constraints on the limits and were not prepared to move on them.
Keith Butler, Credit Controller explains: ‘The approach of Euler Hermes was too restrictive for our trading needs. We went to the market and found that CIFS, although not the largest in the market came up with a package which was very good.'
‘This was ten years ago and obviously we test the market each year to make sure they are the best deal – and they are. No one else gets near on the premium.’
He also feels that another real benefit of CIFS is the continuity of contact and understanding within the company and the truly personal service offered. Keith continues:
“During the last ten years we have had only three underwriters and when they get promoted we still have access to their experience while the new contact settles in.”
The company does not have to apply for many limits but when they do they feel that they get cogent counsel when they need it.
Most importantly of all when Stanton Bonna has had to claim it has been handled with timeliness and efficiency. ‘The thing about services is that you don’t know what you are going to get until you are using them,’ said Keith.