wagerolling

[Lee Tumbridge]

I came accross this service on the internet that offrs to pay your company's wage bill and tax for up to two months at a time. its a new category of business finance called wagerolling, from a company called wageroller. they are apparently paying premier league football clubs wages according to the Telegraph newspaper, well worth having a look if you need to ease cashflow

[peterjhale]

Welcome Lee,

any self interest in this company ?

[Ian J]

Originally Posted by Lee Tumbridge

I came accross this service on the internet that offrs to pay your company's wage bill and tax for up to two months at a time.

What a co-incidence as you also came across me on the internet too and telephoned me asking me whether I would be interested in selling your product.

I read the article in The Telegraph when it first came out and noted with great interest the comment allegedly made by Director of football at Peterborough FC Barry Fry that "it had been a "godsend" and was "far cheaper" than traditional factoring services."

Seeing as Mr Fry made the comparison between your product and factoring I am intrigued to know what trade debts a football club would have to factor anyway.

[Lee Tumbridge]

i guess they have the TV rights and ticket receipts as their main income.

[Paul Breen]

Hi Ian

Football clubs have been using a form of Invoice Discounting for some time, generally they use their TV revenue and Future gate receipts as security rather than traditional receivables.

Singer and Friedlander are probably the best know exponents of this form of funding.

For the sake of clarity. I am involved in Wageroller as it was my original idea.

We work closely with many funders and finance brokers to introduce what we consider to be an excellent product to businesses.

I’d be surprised if someone from our organisation hadn’t contacted you as finance brokers to you to ask for your assistance in spreading the word about our services.

Unfortunately we have received what we consider to be a poor response from traditional factoring brokers to our product. We have put this down to the fact that we do not pay residual income commissions to brokers unlike factors. The reasoning behind not paying residual incomes is that they are only paid for by the clients at the end of the day.

I would suggest that you contact the editor of the Daily Telegraph if you have a problem with the statement made by Barry Fry as you insinuated that it was alleged.


Regards

Paul

[Ian J]

Paul,

I'm always suspicious when someone registers on a forum to tell people about "this product that he came across" when it's fairly obvious that he is an employee and it always makes me wonder why they feel the need to resort to deception. Luckily as a moderator of this forum I don't have to guess as I can actually see from Lee's email address that he is an employee of the company that he "came across on the internet"

As you are well aware invoice discounting and factoring are products geared solely to goods sold and delivered or services rendered as the debt created is the security. Any form of funding that is based on future gate receipts is not factoring or invoice discounting but some form of creative banking and as it is high risk and not fully secured it will also be comparatively expensive.

My guess is that the reluctance of the traditional factoring broker to recommend Wageroller is less to do with the commissions payable and more to do with the quote from November 2005 Business Money "Paul is cagey about the infrastructure that makes this great new product possible"

[Paul Breen]

Hi Ian

With regards

"Paul is cagey about the infrastructure that makes this great new product possible"

If you had spent three years developing an entirely new form of business funding and delivery system, would you tell the whole of the finance industry how you did it? I would guess probably not.

Bob Lefroy of Business Money wrote the article about our business after lengthy discussions with myself and agreed that he would not publish how our business process was carried out and how it is funded as he didn’t feel it was necessary to let the “cat out of the bag”. As you know Bob would never compromised his integrity publishing anything that he was not confident with and had checked our businesses credentials and systems prior to publication.

I would like to invite you and any other forum members to visit our offices, meet our team and see first hand the professional manner with which our clients and introduces are treated. You are clearly very cynical about our business and I would like to lay to rest your skepticism, I’m sure you will be pleasantly surprised.

You and other forum members obviously have a large client base, and I feel that your clients should know about our business as at sometime in every businesses life cycle the wagerolling facility we offer may be of use to them.

Please accept my invitation and make the trip, I feel it will be well worth your and other forums members while.

Kind regards

Paul Breen

[jester]

Are you the Paul Breen who was running Tritec Special Products at Cwmbran?

[Ian J]

Now in Administration

[jester]

Not a surprise - three straight liquidations in a row for Mr Breen.