Deal type: Recent Funding through an Administration.

Business sector: Property Maintenance.

Turnover: £6m

Company profile

This London-based property maintenance company had been trading successfully for seven years and was making a healthy profit. However, expansion plans led it to buy a maintenance division of a larger construction company and significant difficulties were then encountered during the integration.

The impact on the business was near-terminal. Pressing creditors forced it to seek the protection of an Administration Order and the incumbent bank then withdrew its funding support. The Administrator urgently required the funding to support the business through Administration.

Our solution

At Cattles there are no off the shelf 'fixes', just innovative, tailor-made solutions to meet exactly each businesses needs.
Common to all our work however is a rapid response which allowed us to assess this complex situation quickly - the business was surveyed within 24 hours and with pre-prepared documents we were able to provide a £500,000 funding line to the Administrators within 7 days.

With the short-term future of the business secured via the Administration Order, we worked closely with the Insolvency Practitioner (IP) to create the foundations for the business to trade successfully through Administration with an exit strategy into Creditors Voluntary Arrangement (CVA). We structured complex debt into fundable and non-fundable, which provided the IP with sufficient working capital to trade the business on.
This combination of speed of response, innovative solutions and teamwork meant that the business traded successfully and profitably throughout Administration and came out of Administration 5 months ahead of plan.

The future

Recovery is still going strong. A new facility has been provided to the business in CVA which provides them with sufficient working capital to trade the business forward and meet CVA commitments, and hence continue long term recovery. CVA contributions are paid direct by Cattles to the supervisor to ensure the payment plan is complied with.

Key points

• Rapid engagement: - Business surveyed within 24 hours. First funds drawn down within 7 days.
• Detailed understanding of the business.
• Ongoing relationship forged: Funded Insolvency Practitioner during administration of the business. Then funded business through a Creditors Voluntary Arrangement (CVA).

Primary Service:

Provides invoice finance and structured cash flow solutions.

Company Profile:

Cattles Invoice Finance provides a range of cash flow finance solutions through a bespoke product range including invoice finance, confidential invoice finance and invoice discounting in addition to funding specifically for expansion, growth and turnaround situations.

We pride ourselves on providing unrivalled service to our clients and introducers alike. We have one of the highest client manager/customer ratios in the industry allowing us to understand our client's needs and establish long-standing relationships. This enables us to fully appreciate our clients everyday needs and requirements.

Cattles invoice finance has 6 autonomous fully operational offices in

Manchester
Leeds
Oxford
Maidstone
Glasgow
Birmingham

Being autonomous allows us to react quickly in any situation, there are no long delays for approval from head office as all our local branches have their own decision making units. This helps us to react quickly to fund turnaround situations and provide the liquidity required in order to achieve success. In addition we are able to provide added value in the areas of credit management, credit protection and sales ledger management to aid turnaround businesses. For further information use Contact

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