patterns / debtor_heavy

credit thesis

Debtor heavy

trade debtors ≥£250k while cash tightens on a growing book — the receivables can carry an invoice-finance or ABL facility

the signature — what the register must show
staff ≥5
trade debtors ≥ £250k
cash below the prior year
revenue growing (or headcount not shrinking where turnover is not filed)

Why it matters

A big receivables book plus tightening cash is the invoice-finance signature: the working capital is trapped in customers' hands and the growth is financing itself out of the company's own liquidity.

The play

Invoice discounting, factoring, RCF or ABL — the debtor book is the facility's own collateral, so conversion is fast.

How it's kept honest

The badge is recomputed nightly across the whole index, and re-evaluated live the moment a company files — so a match is always a statement about the current register, not a stale list. Like every signal on the radar: a prompt to look closer, never a verdict.