- 25 June 2011
- Posted by: Lucinda
- Categories: Manufacturing, Success Story
“After a tough few years, it was great to get a decent offer on the table. Thanks, Clancy”
MEAT BUSINESS, TURNOVER €5M
The Problem: Poor financials, turned down by lenders.
This family run business were using Invoice Discounting and unexpectedly got a termination notice from the funder who wanted to exit the facility. Having successfully traded for 8 years, the last 3 years had been difficult, with a series of large bad debts. As a result, the financials were poor, with losses and a negative nett worth. They were struggling to find an alternative funder and had been turned down by a few lenders.
The Solution: We assessed their needs and introduced them to a flexible lender who took a more commercial view of the business and industry sector. We secured an Invoice Discounting facility of €1M at very favourable terms which the owners were delighted with.