Supporting an expanding business
Established in 2008, Williams Finance is an independent broker with access to a vast panel of flexible and competitive finance options. In the main, the broker is property and invoice finance focussed, but occasionally comes across large and complex asset finance proposals.
Williams Finance are a regular introducer to Close Brothers Invoice Finance, but this was the first deal Iwan Williams had asked Close Brothers Business Finance to take a look at.
About the customer
Williams’ customer has been successfully investing in engineering and product development as well as producing precision components for a diverse international customer base in a broad range of business sectors for 40 years.
Williams Finance have known the customer a number of years, having dealt with previous financing of their invoice finance line and ancillary requirements.
Founded in 1978, the well-established business has expanded and now operates from purpose-built premises, boasting one of the most modern and well-equipped machine shops in the UK. However, the customer’s existing lender held a second charge over their premises, restricting potential funders and preventing them from moving forwards with new product development plans.
New contract, more development
After appointing a new Director in 2015, who had worked alongside a major energy provider in developing two new products, the customer had a confirmed upcoming project which would both expand and invigorate the business.
At this exciting time, Iwan Williams, Director at Williams Finance, contacted Mark Gilman, Broker Development Manager at Close Brothers Business Finance. The customer was already known to Close Brothers through previous, historic deals so Iwan knew that Mark and the team could help support with the most appropriate finance agreement.
Mark recommended a £630,000 refinance deal via a Sale and HP Back product which has resulted in the customer being able to release the second charge, allowing them to re-mortgage their business premises, at the same time releasing working capital into the business.
Commenting on the deal, Iwan Williams said: “The capital released from the business premises allowed our client to continue expanding, and by working together with Mark and the Close Brothers team, we’re pleased to have found a suitable solution for our client’s requirements. We look forward to continuing to work in partnership with Close Brothers.”