Dismissing the Bank
We assisted a large Plant Hire company in the South West to escape the pressures that their bankers were placing on them. Their Bank no longer wanted to be in the Construction Market despite the fact that the company was profitable and trading well.
We discussed with our customer the options available. Together we decided to refinance their unencumbered plant over a three year period, matching their projected cash flow and thus enabling them to operate in credit. Using this method meant that they had no interference from their Bankers giving them the freedom to operate their business as they chose.
The Plant was valued at £1.8M. We had an agreed advance of £1.62M (90%). This was fully paid in 8 working days. The customer now operates in surplus and is not dictated to by their Bank.