Construction business purchases new quarry through refinance agreement
Our customer is a well-established construction business which had grown from a small family firm into a comprehensive service provider in the construction industry, offering plant hire, grab-away services, and building supplies.
The challenge
The construction business was looking to acquire a new quarry to enhance their raw material supply and boost turnover and profits. However, the purchase required significant capital not readily available through their existing cash flow.
A tailored solution
To address this, the business approached Andrew McCulloch, Regional Manager, Close Brothers Asset Finance, for a funding solution. Andrew proposed a tailored refinance agreement leveraging several of the business’ existing assets to release the required capital.
A boosted position
The successful refinancing enabled our customer to secure the new quarry, significantly boosting both their market position and profits. This strategic use of asset refinancing is just one of example of how effective leveraging existing assets to grow your business can be.
Andrew McCulloch commented: “Refinancing is just one way in which we can help our customers purchase assets that can help their business growth. In this case, it was a great pleasure to work with our customer and help them acquire the new quarry. I look forward to working with them on further agreements in the future.”
Our customer commented: "The refinance agreement was the perfect solution, providing the capital we needed to purchase the quarry. This move has significantly strengthened our business and has bolstered our plans for the future. I would look to work with Close Brothers Asset Finance if we require finance again.”
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