The Challenge
PMD Business Finance approached an existing customer who were based in Scotland, however were steadily seeing an increase in sales in Cumbria. The business, a plant and hire firm, had spotted a gap in the market after several of their competitors were leaving or scaling back in the region. The business was planning to expand their operations, however lacked the working capital to do so.
The Solution
PMD noted that the business had a significant amount of assets on their balance sheet, and identified that an asset refinance facility would be a viable solution to provide the business with the cashflow they required to expand. With this, and working closely with one of our lenders, we were able to refinance over 250 assets across 160 separate agreements.
The Result
The transaction has enabled the company to with the headroom they needed for future growth and expansion, as well as significantly reducing their monthly debt commitments from £118k per month to £58k per month.
“We are committed to working with clients to truly understand their requirements, ensuring that we deliver a bespoke funding package that clearly aligns with their plans. We are delighted to have been able to support a fantastic business and management team with this asset refinancing transaction ensuring Hire and Supplies executes its exciting growth plans which will create new job opportunities across Cumbria."
"We’re incredibly thankful to PMD Business Finance who were able to move quickly and use their connections to provide us with this significant refinancing deal in a tight timeframe, and importantly one that was tailored to our specific needs."