The company manufactures cranes and undertakes associated engineering projects. Our client approached us for a new finance facility. Although it had a strong order book it had a failed contract that led to losses approaching £500,000. Post CVA it exited that contract this allowed headcount to be reduced, we also encouraged management to refocus on smaller profitable crane sales and works. Forecast sales will fall to £5m in 2018.
The Ultimate team was excellent to deal with & helped the deal with creditors get approved, by agreeing to provide a written funding offer to the company & KSA as CVA nominee/supervisors. This gave creditors confidence that the necessary working capital was available to the board post CVA approval. As we had expected the existing (clearing ) bank lender withdrew the funding of the invoice finance facility as soon as the CVA was approved, thankfully we had already asked Ultimate to take this facility out.
A new confidential invoice discounting £500k facility was provided. 52 engineering, admin and management jobs were saved.
Manufacturer looking for finance? Poor balance sheet? If you or you clients are thinking about how to restructure your company’s debt, overheads, costs & management visit www.companfundingoptions.co.uk or 020 7760 7424