Established over 50 years ago in 1969, Wallace McDowall has grown to become one of the UK’s leading sub-contract engineering companies. Following HLD’s successful acquisition of Wallace, the Scottish sheet metal fabricator’s order book has increased rapidly.
To support this growth, HLD required refinancing of the company’s existing banking facility and further funding support for growth, particularly in the face of macroeconomic headwinds. They required facilities of £3.25 million which included £500k for growth investment. They sought out support from GCF to help with this requirement. The client already had a long-established relationship with GCF of more than 10 years.
The Deal Process:
The Goodman team ran a full market-wide search and shortlisted 4 hand-picked, asset-based lenders. From this, we pointed HLD in the direction of IGF, a trusted member of our lending panel.
We found IGF to be a perfect match for HLD’s funding requirements. With our up-to-date knowledge of deals on the market, we considered the specific needs of the client to match them with the most appropriate lender. This was to address their current and future requirements.
Within 8 weeks, our client had received their funding. This proved to be yet another example of our dedication to customer service. We pride ourselves on delivering expert guidance and an outstanding customer experience, along with transparency and an excellent range of choice which considers all of our clients’ requirements.
By linking Wallace McDowall to IGF, we were also able to secure the extra £500k for growth capital. This will allow the client to continue their excellent standard of service and thrive for many more years to come!
From the client:
HLD Portfolio Group Financial Controller, Stephen Penrice said: “We have a long-established relationship with GCF, and we trusted them, when they directed us toward IGF, as we had not done business with them previously. GCF were spot on in terms of their assessment of IGF. It’s a very strong ABL financier with an excellent focus on customer service throughout the process – both pre and post funding. Dealing with them has allowed Wallace to continue on its current strategic path. We have gone on to transact again with IGF, which is a direct consequence of this facility. We would have no hesitation in highly recommending them to others. The same should of course be said about our partners, GCF.”
From the lender:
Paul Edmeades, ABL Director at IGF commented “We were delighted to work with Goodman Corporate Finance and HLD Group to provide the funding required to support the on-going growth aspirations of Wallace McDowall. Goodman not only introduced the opportunity to IGF but provided professional support throughout the process, which enabled us to deliver in line with the customers’ expectations. We enjoy working with the team at Goodman and look forward to the next deal.”
From the Goodman team:
Our own Stefan Radymski also noted “HLD and IGF are well known to GCF. We enjoy working with IGF as we have access to a decision maker which allows us to quickly obtain credit backed terms. This in turn, allows our clients to make informed decisions on the next steps for funding, growth and working capital. HLD are a pleasure to work with, and our relationship with the team extends well over a decade now. We look forward to doing many more deals with both teams.”
You can read more of our case studies with client’s success stories here.
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