Cottons Chartered Accountants are proud to announce that in 2017 we have assisted a client in achieving an important round of funding in record time.
Our client, a household name in the manufacturing industry with a turnover over £1.5m, came to us for advice as the company began to go through a change in ownership.
In recent years the founding directors, who had been building and controlling the company for more than 20 years, had been winding down their responsibilities, reducing their hours and creating more responsibility for their new MD with view to an eventual takeover.
However, as the time drew closer to what should naturally have been the MD’s time to buy the other directors out a new cash buyer made an offer meaning the MD had to move quickly to ensure he secured what he had been working towards.
After relieving ourselves of service responsibilities to the seller, thus avoiding a conflict of interest, we were able to act on behalf of the incumbent MD as a buyer.
Working closely with the MD we were able to identify that invoice financing was the most efficient finance solution and following that decision we were able to prepare the business and the application in such a way that when it arrived with Close Brothers they were able to process the funding in less than two and a half weeks thus ensuring the buyer was able to secure his new business and take his role forward.
Cottons Services and Corporate Finance
Close Brothers themselves have heralded the funding application prepared by us on behalf of the client so much so that the news has been published on their website. The story of the application which enabled them to act so quickly in releasing funding to the client has been distributed to their audience of tens of thousands.
If you are looking for funding for your business then talk to us about your options and how we can help you.
Our dedicated corporate finance team can assist you with all things funding while our partners, accountants and tax advisors can work with your business before and after to ensure that your business is operating in an organised, effective and tax efficient manner.
To discuss business planning and finance or our tax and accounting services then contact us today.