Eric dealt with this supplier for many years and sadly learnt of its closure due to financial difficulty. Not wanting to miss an opportunity Eric new this business well and the equipment it used to facilitate his own work. He set about discussing with the liquidator a way to purchase the business and its assets which they agreed on a figure.
Erics business was a OK, and although traded for many years it wasn’t strong enough to borrow the money on its’ own, meaning a Personal Guarantee was required. Putting this in place allowed Eric to borrow £96,000 which purchased the goodwill and assets.
Retaining the assets, he needed and employing a new employee lowered Erics cost of sale and speeded his ability to deliver to his clients, the rest he sold off allowing him to return 75% of what he borrowed.
Funds For: Business Loan
Timeframe: 36 months
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