Enquiry

Print Finisher

February 2013

Location: Middlesex
Facility: £1.3m

print-finisher
Our client was a large print finishing business looking for a suitable invoice discounting facility. They had been told by their bank that they would no longer be supported. They had set up a facility directly with a lender who decided to pull out at the last minute.

One of our directors took a phone call from the business owner on a Saturday afternoon and was advised that they needed a £1.3m facility by the Wednesday. This gave us just 3 working days to not only have a facility set up but also paid out.

We must give credit to both the director and the lender that we worked with. The director provided us will full information on the Sunday. Literally, he provided everything that we asked for. We were able to put a team together on the Sunday and they started work on the deal first thing on Monday morning.

The invoice discounting deal was formally sanctioned on Monday night and legal documentation was signed on Tuesday while due diligence was completed. Wednesday saw the deal complete with the bank repaid in full and additional working capital released to the business.

To inject further working capital we looked at asset refinance on some of the machinery already owned within the business. The business now has a well structured working capital facility and a supportive lender that understand the needs of the business. They have been able to grow and take on new clients safe in the knowledge they can finance the growth.

Going forward we are hoping to provide more asset finance for new machinery.