About the Customer
Fuel Bunkering Services Ltd was set up in 2008 by Guy Aisthorpe. The family business has been trading for over ten years, delivering fuel to bulk users such as supermarkets. In the last year, the business’ growth had enabled them to purchase new business premises, however, this had put pressure on cash flow and required them to seek a finance solution.
Challenge
Although the customer had an agreement with an existing lender, they needed £35,000 to be released as working capital into the business, which their existing lender was not able to support. They also required a quick turnaround in order to satisfy the traffic commissioners by renewing their operator license. Having been a previous customer of Close Brothers Asset Finance, Fuel Bunkering Services’ Director, Guy, once again sought out our advice.
A Quick Solution
Guy contacted Ian O’Leary, Regional Sales Manager at Close Brothers Asset Finance, as he was already aware of their trustworthiness and strong industry knowledge, particularly with regards to asset values.
Ian and Guy had a confidential discussion about the challenge the customer was facing, and Ian suggested a Sale & HP Back product for Fuel Bunkering Services. Ian worked with the customer to ensure the solution was tailored to suit his needs. This solution provided the required £35,000 which was released into the business as working capital and was achieved within just three days of the original enquiry.
Result
The solution enabled the Fuel Bunkering Services to:
- Release cash into the business quickly
- Satisfy the traffic commissioners regarding their operator license
- Reduce dependence on their existing lender who could not assist when the customer needed them
Commenting on the deal, Guy Aisthorpe, Director at Fuel Bunkering Services Ltd said: “The fantastic support and quick turnaround provided by Ian at Close Brothers enabled us to release the cash we needed and we’ll definitely be using them again going forward.”
