PR2 Engineering was introduced to us through Business Gateway who they had contacted for advice on ways to reduce outgoings during the pandemic.
In particular, they had one machine on finance which was costing £4.5k per month that they didn’t have work for as the client they purchased it for stopped all orders, unfortunately
Breadalbane Finance was brought in and reviewed the business from top to bottom to see what could be used as leverage to raise finance.
PR2 had 9 assets that they owned that didn’t have finance on them, so we used them to add as additional security. Our lender refinanced the £4.5k p/m machine onto a CBILS agreement. Payments were down to £2.2k for the first 12 months and then £3.4k for the next 36-months.
Breadalbane Finance also managed to secure the business a standalone £150k CBILS loan for working capital. This had £0 repayments for the first 12-months so wouldn’t negatively impact cash flow.
It took only 15 working days from introduction to funds being released.
What The Client Said
“If we hadn’t managed to lower the payments on the machine, we were going to have to hand it back, which would have hampered future potential work with our customers.”
Director, PR2 Engineering