The Challenge
Established for almost 50 years, a Hertfordshire based transport business needed an injection of working capital due to a group restructure.
The Solution
After discussing various options with the customer, PMD identified that an asset refinance facility would be the most suitable solution. This type of facility would enable the business to reduce their current hire purchase repayments whilst also releasing equity tied up in assets already owned by the company.
PMD reviewed the business’s existing fleet of trucks and trailers and facilitated a £185,000 facility across 19 assets that were on finance with multiple lenders. We also negotiated a debenture holders’ waiver from the incumbent invoice finance provider whilst liaising with the lenders of the existing finance agreements.
The Result
The facilities secured by PMD meant that existing finance facilities were settled off, reducing the customers outgoings by £7k a month and providing a much-needed injection of working capital, as well as the platform needed to continue with their business growth plans.
“It was a pleasure to work with one of my long-standing clients and provide them with the support they needed to continue to drive business growth. This bespoke funding package will provide them with a full transformation, and I know the director is already implementing the next stage in those plans. I’m excited to support on future growth plans over the coming years and watch the business continue to perform.”