Mr Stevens had been running a successful foundry business for 11 years and had the opportunity to acquire a castings engineering business when the owner had run in to severe financial difficulties.
The business was complimentary to Mr Steven’s existing business and would present significant expansion opportunities as well as overall cost savings in managing the combined operations.
As well as the freehold property the sale included significant fixed assets, machinery, raw materials and £150,000 of debtor invoices.
Working quickly to negotiate an agreement in principle we organised valuations of the property, full inventory and sales ledger.
This was concluded within three weeks. Solicitors were then instructed and the Mr Stevens was provided with a combined business loan facility in excess of £1 million covering the Commercial Mortgage over a 30-year term, asset finance over five years and an 80% non-recourse factoring facility to cover the sales ledger and recover the existing debt.
Mr Stevens successfully concluded the purchase of the business within two months of the first call to our team.