Abbey Pipework has been a trusted supplier in the construction industry for over 50 years, contributing to prestigious projects like The Shard, Tottenham Hotspur Stadium, and Buckingham Palace. Operating in the high-risk construction sector requires strong financial management leading Abbey to choose Coface credit insurance for protection and growth. Based in Essex, Abbey Pipework specialises in the manufacturing of bespoke mild & stainless steel pre-fabricated pipework for commercial contractors. From its 22,000 sq ft facility, the company delivers prefabricated pipework to construction sites across the UK.
Navigating Business Risks
The construction industry, with its tight margins and complex supply chains, has the highest insolvency rate in the UK. Abbey Pipework works primarily with second or third-tier contractors, invoicing on completion of works and often facing delayed payments due to the cascading effects of slow supply chain payments to our customers along with insolvencies.
"We’ve seen big failures, like Carillion, Michael J Lonsdale & ISG, that impact the whole supply chain," Sandy Hayes Finance Manager at Abbey Pipework explains. "But we’ve maintained strong cash flow, paying suppliers on 30-day terms." Coface credit insurance plays a key role in Abbey's risk management strategy, enabling effective due diligence and financial stability.
Why Coface?
Our Solution:
Coface’s TradeLiner policy provides real-time credit risk information, protection against payment defaults, and collections support. Its flexible, customisable structure ensures it meets the needs of growing businesses.
Abbey switched to Coface in 2019 after exploring alternatives and hasn’t looked back. The policy is managed through its broker, but Sandy also has direct contact with Coface when she needs it. “It’s a really good setup for us, very supportive,” she says. “I have regular catchups with our broker and Coface to ensure our limits are adequate and chat through any concerns. Whereas before we paid our premium, but nobody really contacted us and there was no support if we needed to make a claim. Coface don’t sit back saying ‘you need to fill in a form’ they say, ‘we can help you fill that in, and we’ll get this done.”
Sandy continued “Claims are handled efficiently, and they’ve even recovered payments from late payers on our behalf. Once a claim is submitted, I know it’s in capable hands."
Result:
By partnering with its broker, Golding McEvoy, and Coface, Abbey Pipework has gained the "security and confidence" needed to navigate the challenges of a high-risk sector. Sandy praises Coface for their proactive support: "We sing their praises regularly."
Confidence to Grow
Coface’s support allows Abbey Pipework to extend credit terms to new customers while mitigating risk. "We can confidently onboard new clients because Coface provides up-to-date insights that go beyond standard credit checks," Sandy notes.
This partnership has given Abbey Pipework the flexibility to expand its customer base while protecting its financial health. "I recommend Golding McEvoy and Coface to everyone. We’re incredibly happy with the insurance and the support we receive," Sandy concludes.
Get Started with Coface Today
Is your business looking to grow with confidence in a challenging sector? Contact Coface to discover how our credit insurance solutions can protect your cash flow and support your growth.
