General Printer
Encountered difficulties when the directors became involved in publishing, further losses followed the mismanagement of a large fixed price contract and, by the time we were introduced, preferential arrears had reached £382k.
With severe Inland Revenue and paper supplier pressure, and the bank refusing to increase their overdraft, we were challenged with sourcing a facility in the knowledge that at least 4 factors had already declined.
Recognising the breadth of the problems, we decided to present the case to an institution capable of taking a wider view of security. This included equity in printing machinery and a freehold property.
Within a week of us submitting our report and information pack, a factor agreed to provide £900k against a 75% prepayment, subject to the overdraft and mortgage being cleared, and repayment structure being agreed with the preferential creditors. No personal guarantees were required. With a debenture registered by the factor to encompass the wider security, cash was made available 17 days after our introduction. TOP
back to top Software Developer
This company had developed a unique software product that copies all emails in and out of an organisation and is able to hold them in the same way as a Blackbox recorder. When approaching us they already had a large number of purchase orders in the pipeline from various professionals including pharmaceutical companies, law firms and shipping brokers. They were forecasting turnover in year one of £6m from a standing start.
A confidential invoice discounting facility was obtained for the client.
back to top Labour Provider
A labour and plant hire business serving the railway industries. They were seeking a confidential facility, however, there was some history; two disqualified directors, Inland Revenue and VAT arrears although payable under a schedule, and CCJs registered but mostly cleared. The business was CIS registered, forecasting turnover of £12.5m.
Despite this backdrop an invoice discounting facility was duly secured for the client.
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