We have recently successfully facilitated a £150k invoice finance facility for a small but growing brewery located in Greater Manchester. Previously, the brewery had been using a facility provided by a prominent high street bank. However, earlier this year, the bank made the decision to discontinue this product, requesting all of their customers to find an alternative facility.
Complicating matters further, our client encountered a significant setback when one of their primary customers cancelled a large order, despite the brewery having already purchased a considerable amount of the necessary cans and ingredients for fulfilling the request. In response to this predicament, they reached out to our sister company, KSA Group, and started on the process of entering into a Company Voluntary Arrangement (CVA).
Subsequently, we were introduced to assist them in sourcing a replacement invoice finance facility, as the existing funder was unwilling to support them during the CVA proceedings. After contacting multiple lenders on our panel, we were able to source a suitable facility for them and were able to get the facility in place before the creditors meeting took place, putting our client in a stronger position going into the CVA.
We couldn’t have achieved this without our partners at Time Finance, providing their support throughout the process and helping to make this deal a huge success! If your business or your clients business is in turnaround mode please get in touch!