An award-winning partnership between Warwickshire County Council and Oxygen Finance that is strengthening local businesses and generating more funding for essential services has injected an estimat...
An award-winning partnership between Warwickshire County Council and Oxygen Finance that is strengthening local businesses and generating more funding for essential services has injected an estimated £2.7 million into the local economy.
The ‘Premier Supplier Service’ partnership scooped the Solutions Partner award at the Public Finance Awards 2019, held on 1st May, in recognition of it being a great example of a public-private collaboration that is helping the County Council to deliver social value and support new and local businesses.
The award-winning new service offers suppliers the option of being paid early in exchange for a small discount and – in some cases, completely free for micro suppliers - gives them a way to improve their cash flow and reduce their reliance on credit facilities and overdrafts.
It also means that the council has additional funding to reinvest back into delivering essential local services.
Many suppliers provide goods and services that keep Warwickshire County Council running - from social care to stationery - and, collectively, support the council in delivering essential services to local residents.
To date, the innovative scheme has delivered £4.5 million of fast-tracked payments to suppliers.
Rob Powell, Strategic Director for Resources at Warwickshire County Council, said:
“I’m delighted that Warwickshire County Council and Oxygen Finance have been recognised in the Public Finance Awards 2019. This is a brilliant example of us working with a private partner to inject around £2.7 million cash back into local businesses and support the council’s agenda to support local economic growth.
“The fact that it has also resulted in fresh council funding of around £900,000 that we can put back into frontline services in Warwickshire is an amazing result for all involved.”
Oxygen Finance are a leading provider of payment solutions to the public sector and provided the technology and on-the-ground support to Warwickshire County Council to get the new payment service up and running.
Ben Jackson, CEO of Oxygen Finance, said: “We are delighted that the Premier Supplier Programme was recognised at this year’s Public Finance Awards.
“Stronger relationships between the public and private sectors have never been more important and the success of the Premier Supplier Programme is testament to what can be achieved.
“Warwickshire County Council has been an ambitious and supportive partner from the outset and their unwavering commitment is a key reason that the programme continues to deliver results, both for the Council and their suppliers.”
With all upfront costs being met by Oxygen Finance and ‘payment by results’ once the service went live, the partnership was a sound financial decision for the council – and a ‘win-win’ for suppliers and the local authority.
Warwickshire is the first council to trial Oxygen Finance’s new Freepay solution, which gives its smallest local suppliers the chance to join the scheme for free.
Digitising the supply chain has also enabled Warwickshire County Council to further work towards its commitment to the Government’s digital agenda.