An IT entrepreneur has overcome the blow of redundancy by setting up a new company which has bagged a six-figure contract.

David Tester became self employed after losing his job installing computer infrastructure for Maidstone-based NCS Technology in 2012.

He set up InstallITcom in the town later that year, installing data cabling and wireless networks for housing developments and commercial buildings.

“I had 18 years of experience under my belt, and had always wanted to run my own business – so I thought, why not?” said Mr Tester.

Now trading for just over two years, the business expects third year turnover to reach £450,000, up from £125,000 in his first year of trading, thanks to a significant contract win at a block of 155 flats on London’s South Bank.

Yet he nearly lost the work when he found his new customer’s payment terms were two months in arrears.

Mr Tester, of Upperfant Road, Maidstone, said: “I didn’t have the funds available to pay up front for the materials and labour it would involve. I found myself in a gridlock, which was maddening.”

He thought the cashflow implications would force him to turn down the work until he was offered a construction finance facility through Bibby Financial Services.

It gave the business the cash needed upfront against expected future payments.

Mr Tester said: “Running your own business is very hard work, but also extremely rewarding and enjoyable.

“At the end of the day it’s all down to you and what you can achieve. You hold your own destiny in your hands, so when you have a challenge that is overcome, it’s all the more rewarding.”

Bibby Financial Services construction finance managing director Helen Wheeler said Mr Tester’s experience is typical of growing businesses working in the sector.

She said: “Difficulties often arise when a big job comes in and cashflow isn’t available to cover the initial costs.

“There are options out there, however, to help businesses stay in control of their finances and keep their cashflow looking healthy.

“In January 2014, we celebrated 10 years of providing finance to the construction sector and since 2004, we have supported the growth of over 1,200 sub-contractors and businesses working within the sector.”