Wetspot Group
Justin Davis

Wetspot Consolidated is a privately owned business with its Founder, Justin Davis establishing the company in 1998. Wetspot specialises in waterproofing, tiling and providing stone product. Their clients are predominately commercial. A national business involved in delivering major projects often involving the need to import products and manage supply chain logistics.

Client Need

The introduction to Resilience Finance came in early 2015 via one of the businesses former Bank Managers. At the time Justin met Shaun the business undertook all its banking via one of the four major Australian banks. The business at the time had a turnover of circa $20M and was in a significant growth phase, strategic plan was to continue this growth path generically.   It was anticipated that turnover of $30M + would be achieved within 12 months. With this growth came the need to carefully manage working capital and also re-invest in business infrastructure to continue to build the business capacity. Fundamentally the business was characterised by a sound financial position and capital management. Key strategic relationships on the supply and client side were in place and the company had a good platform for growth. The relationship with the Business’s existing bank had been in place for approximately 4 years. Whilst the relationship was a good one the Business owner was concerned with a potential lack of responsiveness and Wetspot was not sure that the Bank would support the additional funding requirements to facilitate growth. This was too big a risk and subsequently turned to Resilience Finance for advice.

Process Undertaken

The starting point was to understand Justin’s aspirations for the business. Rapport was built between Justin and Shaun as an assessment of the financial strength of the business and immediate and future funding needs. Like most busy and entrepreneurial private business owners Justin had personal wealth building activity via investment in property development projects. These requirements also needed to be considered in ensuring that loans could be structured independently.

The business had made application to its existing bank with some assistance from their Accountant and were growing frustrated with a lack of feedback or firm offer of finance.

After considering the appetite of several financial institutions to Wetspot’s requirements an alternative Big 4 Bank was targeted as the preferred new Bank. Resilience Finance ensure that close working relationships are maintained with best in segment bankers who are able to make credit decisions.


In late 2015, Wetspot and the Davis family personally undertook a full refinance to the alternative Bank. At the same time the incumbent Bank had undertaken an assessment process of the client’s needs and provided their own offer. The contrast between the two offers was stark. With the assistance of Resilience Finance, Wetspot had negotiated when compared to their own banks offer:

– An additional Circa $ 2 M in Facility limits to aid growth

– More flexible funding limits, allowing various funding needs to be more appropriately managed as either short or long term maturities

– Reduced security requirements which included separating the real estate assets of the Principal from the Business debts

– Substantially lower cost of funding, reducing interest and fees by several tens of thousand dollars per annum

– Personal funding solution allowing wealth creation projects to continue without complicated or costly finance solutions.

Since achieving this outcome, Resilience Finance have maintained an ongoing and consistent involvement in the business. Justin Davis and the group CFO actively involve Shaun in considering any capital decisions and assisting in their relationship with the Bank.

Clients View …

Within 3 months of having been introduced to Resilience Finance, the Wetspot Group and its Principal Justin Davis had moved from being concerned about the need to manage their banking relationship and stressed about any potential impact a lack of funding might have on the business as well as personal aspirations, to being stress free and confident of being in control of the groups funding needs.

Now Justin and the team at Wetspot can get on with doing what they do best and knowing that expert capital and funding advice is only ever a call away.