Here’s how Close Brothers Asset Finance supported a long-standing customer in the midst of the pandemic by putting a restructure deal in place.
The business currently has a number of agreements in place with Close Brothers Asset Finance and due to effects of COVID-19, the customer requested a six-month payment holiday on all agreements to ease cash flow strain on the business during the pandemic.
The industry the business operates in was impacted quite heavily due to the pandemic; but this is a solid business with a long history of producing quality, reliable products and services, ready to bounce back when the world returns to a steady level of normality.
As a long-standing customer with a faultless payment history, Close Brothers Asset Finance were confident there would be a solution to support the business. After a review of the business and agreements in place, a restructure of the customer’s outstanding arrangements was suggested instead. This would extend the customer’s term and would reduce monthly payments going forward as well as providing them with a much-needed cash injection at this difficult time.
The proposed restructure means the customer would be in a secure position during the coming months and can continue to make payments against the loans, reducing its outgoings over the next quarter considerably.
The new deal has reduced the monthly payments to Close Brothers by around 50%, taking the pressure off the business and enabling it to focus on getting back to consistent levels of service to its stakeholders.
Close Brothers Asset Finance said: “The payment holiday and the debt consolidation of outstanding arrangements gave our customer the cash injection needed to navigate these turbulent times. It has put them in a much stronger position and we will continue to support them and all our customers during these challenging times.”
The customer commented: “The service we received from Close Brothers Asset Finance through the current uncertainty has been outstanding. They did not take the easiest option but instead thought outside the box and came up with an innovative solution that exceeded our expectations and provided a way forward for our business - Thanks for your help and support.”