This long-established, family-owned plant hire and haulage contractor based in the North West specialises in the lease of excavators, dumpers, forklifts and rollers. Over the past three years, the business has grown rapidly and its rate of expansion has outstripped its existing working capital facility, resulting in the need to find a new finance partner.
Following a referral from a leading corporate finance advisor, Praetura Commercial Finance structured a £3,000,000 funding line, delivering the additional headroom required by the business to manage its cash flow as it expands.
The Finance Director commented: “As a working capital finance partner, Praetura Commercial Finance is an excellent fit for our business. The fact that they own their business and that they make the decisions really resonated with us. They are much more approachable than our previous funders and are very transparent, keeping us fully informed throughout the deal process and delivering everything exactly as they said they would.”
“Praetura Commercial Finance provided us with a flexible funding line at a level that enables and encourages further growth as well as giving us the ability to continually invest in new plant to meet increasing customer demand.” added the FD.
Stuart Bates, Commercial Director of Praetura Commercial Finance, said: “We are delighted to support the management team in delivering the amount of working capital they need and look forward to seeing the business go from strength-to-strength. It is always exciting to work with well run, profitable businesses with a strong track record which have found themselves restricted by their existing facilities. We are frequently able to liberate a significantly higher level of funding and the impact of this on the business and their ability to capitalise on future opportunities is truly transformational.”