Improving financial picture for next stage growth
On the face of it, this event company looked like it was pretty successful. Turnover was at a healthy £3 million and there were 200 employees on the books.
This company had big plans, and they were ready to move to the next phase.
But there was a problem.
The rapid growth that had got the company to this point had exhausted their borrowing facilities. Essentially, the company needed to grow, but there seemed no way to move forward. But, without growth, their situation wouldn’t improve. It was a classic problem in rapidly growing businesses. And one that we at The Academy Partnership were happy to address.
It’s not what you know, but who…
Through introductions with our professional partners, the company was able to access Tier 1 lending. We also supported a new application for borrowing under the EFG scheme with updated management accounts and forecasts.
We also helped free-up money internally by reducing monthly capital and interest payments whilst releasing new debt. With reduced liabilities and a new source of funding, the company could move onto the essential next expansion phase safely.
Background
- Company type: Events
- Annual turnover: £3,000,000
- Number of employees: 200
Challenge
- Rapid growth resulted in unsuitable funding and exhausted borrowing facilities to support next growth phase.
Outcome
- Assisted in introductions to our partners leading to Tier 1 lending.
- Supported a new application (under the EFG scheme) with management accounts and forecasts.
- Reduced monthly capital and interest payments whilst releasing new debt to facilitate next expansion phase.
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Improving financial picture for next stage growth
On the face of it, this event company looked like it was pretty successful. Turnover was at a healthy £3 million and there were 200 employees on the books. This company had big plans, but there was a problem.
