Stening Simpson Group has tailored an exclusive Surety Bond Facility for the purpose of clients of Selling Agents being able to have funds released from pre ticket sales, held by Selling Agents i.e., Ticketek, Ticketmaster. The facility is available to major companies who utilise the services of selling agents.
Following the collapse of Computicket in 1978, Selling Agents are required to hold funds from ticket sales in escrow until the concert or sporting event is held which impedes the cash flow of companies.
Stening Simpson are global providers of Surety and Performance Bonds and Financial Guarantees. The group was established in 1979 and is one of the most recognised Surety Bond Brokers in Australasia.
The Group has undertaken Surety and Performance Bond and Financial Guarantee placements for clients in the Construction, Engineering, Entertainment, Manufacturing, Mining, Consulting Services and Technology industries both in Australia and Overseas who have a requirement to support contractual obligations with security.
Surety and Performance Bonds are an accepted form of Contract Security. They provide an additional unsecured source of finance. Banking Facilities remain unchanged. They enhance working capital and liquidity. They allow Contractors to free up funds, reduce debt and tender for more contracts without the restriction of limited guarantees with banks.