The Client:
When a groundworks and civil engineering contractor found out that its high street bank had decided not to go ahead with funding its expansion plans, an approach to Goodman Corporate Finance led to alternative finance being available within a week.
Northampton-based Personnel on Assignment (POA) subcontracts for firms such as Buckingham Group Contracting and the Toureen Group, and also supplies labour to the general building trade. A relatively small firm in the industry with 25 staff, POA is looking to grow.
The Deal:
- Provided access to a range of lenders meaning the right support was available.
- Saw funding arranged quickly and at short notice.
- Will help future growth financed through an invoice factoring agreement for this engineering contractor.
After positive discussions with a high street bank the company went ahead with its plans for expansion – only to then be told that the total amount needed went above the bank’s threshold and no money would be forthcoming.
Success!
When the high street bank let the client down, Goodman Corporate Finance were there to save the day and help with the client’s success story. This funding will surely see POA grow as a business.
Quotes:
POA director Aidan Nolan said: “We’d already committed to taking on new staff and so on, so not having the funding in place to deliver our plans just wasn’t an option for us.
Our bank account manager understood that we wanted to expand further and faster than their criteria allowed for. He put us in touch with Goodman Corporate Finance as he was confident they would be able to secure an alternative source of funding.
Aidan Nolan - POA Director
“Goodman made the arrangements with one of its lenders and the money came through to us within just one week – much faster than the three or four weeks it would usually take.
“Now, two months down the line and thanks to Goodman’s support, we have an invoice factoring agreement in place with a lender who is actively encouraging our expansion plans, and our growth is back on track.
“Goodman helped us out no end and I would certainly recommend them to others – in a very loud voice!”