Reach Commercial Finance has recently secured £175,000 finance for a long-standing manufacturing client – enabling it to survive a reduction in revenue in the run-up to Christmas.
Seasonal pressures from a two week shutdown result in a dip in sales which is challenging when still managing fixed running costs.
Director Gary Cain had been working with the North West- based high-end furniture manufacturer for a number of years when difficult trading conditions meant that the business required a cash injection and specialist support in HMRC negotiations.
It was essential that deals were negotiated and secured in very tight timescales to cover employee earnings and bonus payments.
Reach Commercial Finance approached Bibby Financial Services, introducing them as a new funder for the client company, after they demonstrated the most appetite and enthusiasm for the task.
Working within the wider Leonard Curtis group and its Corporate Strategies division, the Reach team was also able to review the client’s position with HM Revenue and Customs and ease pressure by negotiating a Time to Pay (TTP) Arrangement.
Gary Cain said: “As a commercial finance broker helping SMEs to overcome what are critical hurdles, our business is built on trust. This is underpinned by understanding the importance of relationships between lenders and clients and ensuring that we make good matches.
“As a result, clients and lenders trust our knowledge and connections to secure the most flexible deals at the most cost-effective rate, which is exactly what we did for this particular client.”
Find out more about Reach Commercial Finance’s approach to securing lending for SMEs here.
Other testimonials from some of its clients and partner lenders are here.
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