Working in partnership provides the desired result
With over 20 years experience in private, commercial and corporate finance, Affinity Asset Finance Ltd specialise in providing a range of flexible asset finance solutions to their clients.
A particular client of Affinity provides portable toilets, shower units and wash stations to the construction and events sectors across two sites in Nottingham and Lincoln. The original intention when the business was founded was to simply provide toilet hire services to their own events but had recognised a niche in the market to expand their offering nationwide.
Affinity’s client required funding on a current asset and also to aid the buyout of a co-director. As the client is an expert in site facility and event management services, they were looking to refinance £470,000 on their large selection of portable toilets available to hire and to fund the director buyout.
Due to the sensitive issues surrounding the reason for the buyout, the client had approached Tom Adams at Affinity as they had been known to them for several years and knew they could offer the best advice for next steps. Tom introduced the client to Mark Gilman, Senior Broker Development Manager at Close Brothers Business Finance.
The ideal solution
Working with Tom, Mark reviewed the client’s finances and found that since it was established, the business had grown and operated a fleet covering a variety of amenities depending on the site requirements. They have no large concentration toward any single client and deal with large corporates to a single sole trader. New customers are continually being gained.
Mark found that the little debt that was in the business was easily serviced and found no reason that the business would not continue to improve without the old director. Therefore a bespoke funding package was quickly put in place for the refinance facility.
Tom Adams, Affinity Asset Finance said, “The funding will certainly help our client with the buyout of the director and they will continue to grow and thrive as this is a very successful business nationwide. We have worked with our client for a number of years and knew that working with Mark at Close Brothers; we could find a suitable solution to fund our client’s requirements. We look forward to continuing to work in partnership with Close Brothers.”