£90,000 funding secured under Recovery Loan Scheme for a Lincolnshire business
Reach Commercial Finance has secured a £90,000 asset finance loan for Saxon Foods to boost its production output.
Saxon Foods is a plant-based convenience foods manufacturer, based in Lincolnshire for over 30 years. Reach assisted in its acquisition by Tuber Group last November.
Following significant business growth, Saxon Foods required new equipment to support an increase in production needs. Due to the high value of the asset, the business needed to raise substantial capital. Based on their successful previous transactions with Reach Commercial Finance, Steve Humphrey, managing director of Tuber Group, contacted Reach’s Phil Trueman to find the appropriate finance provider.
After initially obtaining the valuation of the equipment, Reach approached asset finance providers to find the most appropriate deal. Phil recommended Close Brothers Business Finance based on their existing business relationship.
Reach worked closely with Close Brothers Business Finance, to ensure all the legal work was completed seamlessly and required minimal involvement from the client.
The equipment kit is specialist in increasing production as a high speed filler and sealing machine and as orders grow the business is looking forward to purchasing a range of equipment in the near future.
Talking about the deal, Phil Trueman, from Reach Commercial Finance, said: “This is a heavy piece of kit and is an excellent addition to the business. We were able to access the Recovery Loan Scheme taking pressure off cashflow in a very busy period.
“We know the business inside out and have access to all financial information that helps us understand the right solution for the client. We also dealt with the paperwork and invoicing, allowing the client to crack on and run the business without any troubles,” added Phil.
Commenting on the deal, Steve Humphrey, managing director of Tuber Group, said: “We’ve worked with Phil on several deals in the past and he has always assisted us with amazing administrative work. Phil not only handled all the paperwork but also the invoicing that allowed us to continue running the busy factory.”
James Robins, broker development manager from Close Brother Business Finance added: “It’s been great working with Reach Commercial Finance to provide funding for their customer. Close Brothers are renowned for taking advantage of available support for SMEs and the Government Recovery Loan Scheme is an example of this. We are able to offer this, where appropriate, to support businesses as they recover from the pandemic. We worked closely with Reach to support their customer and it’s great to see the positive outcome it has had.”
Reach Commercial Finance is the independent financial brokerage of Leonard Curtis Business Solutions Group. It has a wide range of experience in helping limited companies and corporate entities secure funding.