Asset Finance Case Study
A major international haulage business based in the UK delivering goods throughout Europe and the Eastern Block, with 15 large container lorries and depots throughout the EU.
The Challenge – No Trucks to Fulfil Contracts
After running a successful road haulage business for many years, the owner-managers’ personal circumstances meant the current business had started to fail. This dynamic husband and wife duo were now facing the prospect of building a new business.
Despite winning numerous new contracts based upon a large network of contacts, the client was unable to obtain the finance needed to acquire new trucks. Traditional finance routes were not available due to the trading and credit history and a non-existent current balance sheet.
However, the client was confident he could make the business work successfully by replicating his previous business model which had historically generated good turnover and profit. He had the experience, the know-how as well as the contracts required – but no trucks with which to fulfil these orders
The BFS Solution
The BFS team looked at this case from many different angles and eventually made the right decision by introducing the client to the right finance solution. It was very clear to BFS that the solution for this client would be to bring in one of their long-standing Asset Finance Partners. They were able to provide funding for at least 5 new haulage trucks, and were also able to assist with some funding to help with a cash flow gap.
The client now has a brand-new fleet of trucks working in tandem with multiple new haulage sure contracts and is looking forward to further expanding his fleet.
We Can Help You
If you’ve tried the banks and traditional avenues for funding your business with no success, we can help. Contact us and we can give you all the information you need to secure funding. Call us now on 0800 047 2389.