Close Brothers Asset Finance has restructured the finance agreements of Indigo Press using the Coronavirus Business Interruption Loan Scheme (CBILS), raising an additional £250k of working capital in the process.
The restructure has led to Indigo Press consolidating its existing debt and freeing up the working capital necessary to help the firm trade through the current pandemic.
“The debt consolidation gave the business a clear indication on what their cashflow would look like for the next 12 months and beyond,” said Paul Philbrick, Sales Director at Close Brothers Asset Finance’s print division. “The debt consolidation allowed a re-structuring of overheads and a reduction in monthly outgoings while creating a £250k cash facility, giving the business an element of flexibility.”
Jordan Pocock, Relationship Manager, added: “It was important to understand both Indigo Press’s current business and their future requirements. By re-structuring long-term debt and raising working capital with CBILS assistance, it meant the business could manage overheads for the foreseeable future and have a strong strategy moving forward. We are confident the facility will help Indigo Press trade successfully.”
Tony Swift, Indigo Press’s joint Managing Director, said: “We were looking for flexibility from our funder partner, which is exactly what we got with Close Brothers Asset Finance. I’d like to thank Close Brothers Asset Finance, for moving so quickly to restructure our agreements and free up the cashflow we needed."