Marshvale Secures a Family Business with 50 Jobs Saved
MCS141 Plastics Manufacturer Success Story £875,000
|
This past client was unable to overcome trading difficulties encountered whilst in a CVA.
The existing Bank called in their loan and overdraft facility with the operating company. The mortgaged factory building was owned by the Family elders who had received notices from the bank, calling upon their Personal Guarantees.
With the agreement of all Debenture holders we suggested that the operating business be placed in Administration. A Management Buy-out (MBO) was organized with our assistance and the assets were purchased from the Administrator.
Marshvale was able to negotiate a funding package with the existing Factoring company, Bibby Factors Manchester Ltd, who supported the new team and have made a new facility available. We introduced Business Lending Ltd who have provided a £875,000 commercial mortgage to settle all the existing secured loans. The surplus was used as working capital in the new business.
All the 50 employee’s jobs were saved and the business is recovering well.
For further information contact:
Alan Cornwall
E-mail: alan@marshvale.com
Marshvale Home Page
|
