Members of The CFN in Northwich and Nantwich, Howard Worth, have assisted their client at a very stressful time by securing their existing finance, and raising funds for a new project.
Although the client, a company in the farming industry, already had a £1m bank loan, they were facing uncertain times ahead as the bank were considering withdrawing the loan facility, as they no longer thought it was serviceable. They approached Stuart Dutton, of Howard Worth, anxious to retain these funds and continue trading successfully. Stuart entered into negotiations with the bank on the client's behalf, providing information including management accounts and detailed financial forecasts to demonstrate that the loan was still serviceable.
Thanks to Stuart's thorough work, the bank were satisfied that the loan was indeed serviceable, and agreed for it to remain in place. Furthermore, they also agreed to provide further funding to the client, to allow them to begin a project to develop anaerobic digestion.
The new funds were secured in June 2012, with the client extremely grateful for the support of Howard Worth, and looking forward to beginning their new project and building on the company's existing success.