Case Studies
Thor Building Products
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Thor Building Products has been supplying insulation to Australian homes and renovations for over two decades. The business has endured major industry challenges including the GFC, the failed federal insulation scheme and COVID-19. Throughout these periods, access to working capital was a constant obstacle to growth and resilience.
The challenge
As a manufacturer, Thor faces significant upfront costs, raw materials in transit, inventory waiting to be processed and finished goods awaiting sale.
Despite strong demand, their cash was tied up in the supply chain while customers paid on extended terms. Traditional finance options came with debt, risk and personal guarantees, adding pressure to an already capital-heavy business model.
The solution
In 2021, Thor Building Products adopted Marmalade’s Payments on Demand platform. By issuing invoices with new payment details, they gained the ability to access cash on their terms, without borrowing. Invoices could now be paid the same day they were issued, giving the business real control over its working capital.
Results
- $230,000+ in annual cost savings by removing debtor insurance and bank finance
- 50+ hours/month saved on admin and collections
- 17% revenue growth in the first year using Marmalade
- No personal guarantees or security required for cash flow
- Improved purchasing power with faster reinvestment into materials
Commentary
With Marmalade, Thor turned invoicing into a cash-generating engine. Business owner Steele Ryan no longer has to offer his family’s assets as security to fund growth. “Now the tough times aren’t so tough,” he says. “If Marmalade existed when we started, I don’t know how big Thor would be by now.”