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David Wallin Associates - Refinance

David Wallin has provided a full range of corporate finance to businesses of all types and sizes for over forty years, as a Senior Executive of a major Finance House and for the last 21 years, through David Wallin Associates.

Innovative and forward thinking

A client of David’s was seeking financial support in order to refinance existing unencumbered equipment. Founded forty years ago, the customer’s business began in cloth manufacturing but over the years has expanded into creative development, engineering, production and research. The company has found that they have constantly been able to adapt and expand, whilst staying at the forefront of innovative product development. They have achieved all this without any external investment, overdrafts or long term loans.

However more recently, an internal factor affected the working capital available to the company and a restructure has meant the closure of a modest joint venture. Headcount in specific areas of the business has also been affected.

Working in partnership

David Wallin has a well-established (over 30 years) relationship with the client and saw an opportunity to place the business with Close Brothers Business Finance. David introduced his client to Broker Development Manager, Mark Sanderson. Together with Sales Director, Ian Willetts and Underwriters, Steve Brownhill and Neil Ballam, the Close Brothers team began discussing possible finance options and set about developing a bespoke funding package for David’s customer.

It was taken into account that the company had been trading for a number of decades and was at the forefront of its industry with patent protected products enabling them to stay on top of the market in the UK. The overseas companies continue to improve and the brand names they have are strong.

From assessing the company’s performance and establishing the funding requirements, a complex deal was written by David Wallin with the assistance of the team at Close Brothers.

The deal involved the refinance of two machines, following an asset valuation. The equipment is very advanced with one line being one of only five in the world.

David Wallin of David Wallin Associates commented: “A combination of circumstances which were damaging to my client and which reduced their available working capital have been resolved by re-financing two of their production lines to raise circa £650k. The company can now reset itself on its usual stable footing and concentrate on maximising returns over the next 12 months and beyond. The sympathetic, hands-on approach adopted by the Close Brothers team was a revelation, in that they quickly decided there was a deal to be done and put all their efforts in bringing it to fruition. This included meetings and conference calls with the client – help I had rarely experienced in my 21 years as a broker. This successful outcome has enabled me to continue to give exclusive help to my client for all their funding needs. Well done Close Brothers!”