Our client Mr Stevens had been running a successful foundry business for 11 years and had the opportunity to acquire a castings engineering business as the owner had run in to severe financial difficulties due to a divorce settlement. The business was complimentary to Mr Stevens 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 £150K of debtor invoices. Working quickly to negotiate an agreement in principle we organised valuations of the property, full inventory and sales ledger audit. This was concluded within 3 working weeks at which time solicitors were instructed and the client 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 5 years and an 80% non-recourse factoring facility to cover the sales ledger and recover the existing debt. Mr Stevens successfully concluded the purchase within 2 months of the first call to our team.