Funding Support for Manufacturing Business

Updated: 3rd November 2021

Funding Support for Manufacturing Business

We provided funding support to a business engaged in the manufacture and repair of steel equipment used predominantly in the demolition, quarrying, construction and plant hire sectors. Due to a deteriorating relationship with their bank factor, we were asked to review the business, with the bank suggesting liquidation to be the only solution.

The bank was unwilling to fund certain invoices because the debtor was an agent and the goods supplied were being shipped to the end user in the Middle East. The situation was further complicated as the company also had HMRC arrears of approximately £100k.

Work Undertaken

Our team of specialists met the director of the company who was adamant that the business had a viable future if it was able to find a factoring company that was prepared to spend time understanding the issues the business faced. We introduced an independent factor who replaced the bank’s facility and worked closely with the business to release sufficient funds for the bank to be repaid. 

Outcome

The restriction in funding would have certainly led to the liquidation of the company and subsequent loss of jobs. Due to our understanding of the business and our knowledge of the factoring market, we were able to replace the bank facility and save the company from imminent liquidation. The company continues to trade and the employment of its 8 members of staff was secured as part of the process.


Network of Over 100 UK Offices

Find your local Begbies Traynor Group office and speak to an adviser today.

Find your Local Office
0800 063 9221

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...
Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...
0800 464 0871

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...
Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...
0161 837 1700

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...
Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...
Begbies Traynor Group plc, announces that it has completed the acquisition of CVR Global LLP
CVR is a leading independent firm of insolvency practitioners, forensic accountants and experts in other related complementary disciplines.
Read More →
 
Coronavirus pushes financially distressed companies over the half-million mark
Number of businesses in significant distress stands at 509,000 – the highest number measured by the Red Flag Alert research
Read More →
 
BTG Advisory accelerates growth with appointment of four new partners to its London office
BTG Advisory, the boutique advisory arm of Begbies Traynor Group announces the appointment of four new partners to its Canary Wharf office
Read More →
 
Eighty jobs saved with £1m sale of engineering business
South Yorkshire company Newburgh Precision rescued through administration
Sale enables 75-year-old business to continue trading
Read More →
 
Join thousands of professionals by signing up for our updates
Analysis and Opinion from our Partners
Top Industry News
Register Now →
 

Advice you can trust

We are accredited by the following industry leading organisations

Insolvency Practitioners Association Institute of Chartered Accountants in England and Wales R3: Association of Business Recovery Professionals ICAEW Business Advice Service Turnaround Management Association ICAS | The Institute of Chartered Accountants of Scotland

Contact the Begbies Traynor Group team

or Find your Nearest Office

Here at Begbies Traynor Group we take your privacy seriously and will only use your personal information to contact you with regards to your enquiry. We will not use your information for marketing purposes. See PRIVACY POLICY

Processing...

This site uses cookies to monitor site performance and provide a more responsive and personalised experience. You must agree to our use of certain cookies. For more information on how we use and manage cookies please read our PRIVACY POLICY