The Client:
Supplier of commercial poultry equipment required a little over £3 million to buy back the assets of the company in a pre-pack purchase.
The Deal:
We were approached by the businesses insolvency practitioner to source the funding. The current bankers couldn’t support due to the pre-pack nature of the transaction.
Paul and Stefan spent some time working through the case with the client and their advisors to structure the facility that met their needs and allowed them to complete at the pace requested.
Success!
The loan was secured against the land owned by the business and a 7-year interest only facility was paid out in less than 3 weeks from enquiry to completion.
Quotes:
Stefan said “It was a breath of fresh air to deal with the team of professionals in the lenders office and everyone in the process worked together to get the client what they needed, from valuers and solicitors to accountants.
It just goes to show when everyone is motivated a deal can be done in weeks not months
Stefan Radymski, Group Sales Director, Goodman Corporate Finance
Once the supplier of commercial poultry equipment has passed through its transition phase, we will work with them to refinance back to a high street lender.