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Close Brothers Business Finance helps to improve financial situation

TAFCO is an asset finance provider based in Sandbach with over 25 years of experience. They specialise in offering flexible, tailor-made finance solutions for UK companies that want to fund equipment, vehicles, machinery, or any business-related purchases.

Challenge

Like many businesses, the imposed lockdown brought by the global pandemic hugely impacted TAFCOs customer. They experienced loss of income and a severely reduced cashflow which left the business relying heavily on their overdraft facility.

Fast forwards two years, their customer is building back to the levels of activity that they were enjoying pre-lockdown. The customer got in touch with TAFCO seeking to settle some existing commitments and raise additional equity to bring accounts back into credit and provide capital to expand with new contracts.

Solution

TAFCO introduced their customer to Close Brothers Business Finance and were able to work together to find a suitable financial solution. Due to Covid-19 related losses, Close Brothers Business Finance were able to help their customer access the Recovery Loan Scheme (RLS) and refinance their existing assets to inject some cash back into the business.

Close Brothers Business Finance were also able to settle several monthly commitments by refinancing additional pieces of equipment without any interruption which brought their accounts back into credit.

Result

Close Brothers Business Finance worked closely with TAFCO to improve their customers financial situation which has assisted their recovery. The business no longer depends on its overdraft facility and can expand as desired due to having capital available.

This is a great example of how Close Brothers Business Finance are committed to helping their Brokers and their clients in providing simple, efficient, and effective finance that makes a difference.

James Robins, Business Development Manager commented “It has been a pleasure to work with TAFCO in providing funding for their customer – together we have been able to find a flexible solution which has allowed their customer to grow after so much uncertainty.”