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A previously successful construction company based in the North West effected a pre-pack administration.
They had lost 40% of their turnover and margins were being squeezed – however, they did have several strong contracts which made the company viable if it was downsized and re-financed. Their existing funders were not prepared to novate the current finance agreements into the newco but the company needed to have finance to make the transition work.
ECF met the team, arranged to settle their existing finance companies and refinanced the unencumbered plant to raise the cash required to pay off the administrator.
The Managing Director said, “ECF’s flexibility and knowledge of the asset market enabled us to complete the transition within our required time scale.”
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