Steely success for Hunter Gee Holroyd!
12 October 2009
Hunter Gee Holroyd, representing The Corporate Finance Network in the North Yorkshire & Humber region, have assisted their client to secure a new £800k finance facility from Royal Bank of Scotland.
The new facility allowed the client to acquire steel stock directly from a steel mill, which was previously not a viable source of supply due to cashflow constraints. In order for the client to secure the £800,000 required, Mark Grewer helped them show the potential lenders that cutting out the stockholders, and acquiring the steel stock directly from the steel mill, was a beneficial situation for all involved.
As insufficient security was available to meet the banks’ requirements, Mark assisted the client with making an application for half the necessary funds under the Enterprise Finance Guarantee Scheme, with the balance being provided by means of an overdraft. After negotiations with three lenders, Mark secured a deal with the client’s preferred option, Royal Bank of Scotland.
Project Butterfly was completed in August 2009, with the required funds successfully obtained. The client is delighted to be moving forward with the purchase of their new stock.
Find out more about the Enterprise Finance Guarantee Scheme
