Location: East Sussex
A Director of an engineering company on the South Coast of England had been presented with the opportunity to purchase another company. The target company had been trading since 1983 but due to shareholder differences the company was available for sale.
The Director contacted First Financial from a referral from a local business advisory company. He had already been offered an invoice finance facility on terms that he was happy with. However this facility alone did not provide the full funding required.
First financial undertook a valuation of the combined assets of the target company and within 3 days was able to offer the client an Asset Based lending proposal.
At the core of the proposal was an Invoice Discounting facility, plus an asset finance loan secured against plant and machinery. This proposal was secured from a lender that was happy to advance a higher invoice finance amount than the clients existing invoice facility.
Completion of the company purchase took place some 3 weeks later to the satisfaction of all parties.