£3.5 Million Refinance Funds Vital Acquisition
The Background
We were approached by a long-standing broker partner, EFT Finance, to assist one of their clients, a leading UK vehicle operator, wishing to purchase a competitor’s fleet of recovery trucks but needed to move quickly to meet the acquisition deadline.
With gross receivables in excess of £600 million, we have significantly increased our experience in completing larger transactions. This proposal from EFT Finance was for a company that required a substantial sum against some of their existing fleet to fund the purchase of a business as part of their continued growth pans.
The Challenge
Timescale was the primary challenge given how swiftly the acquisition needed to complete.
Although the case was not particularly complex, there was a vast amount of detailed information that needed to be communicated to ensure a seamless and successful completion.
The Solution
Due to the specialist nature of these assets, Haydock’s Asset Manager, Andy Roberts, worked with Tallons & Associates so that an accurate valuation could be fed back to the team and the best funding solution identified.
Thanks to the great collaboration between broker EFT and our sales, credit and new business teams, early release of the £3.5 million refinance proceeds allowed their client to swiftly proceed with their acquisition.
The Result
£3.5 million of refinance funding to meet an urgent acquisition deadline.
I chose Haydock as the funding partner for my client as I wanted more than just a transactional partner. From our initial meeting with Tim Jones all the way through to payout Haydock proved that they were the right fit for the largest Road Rescue Recovery purchase to date. Not only was our customer delighted with the service that Haydock gave them for this complex deal but I and the team at EFT Finance were once again amazed at your team’s experience, professionalism and quick turnaround.
Greg Viviers
Associate Director, EFT Finance
