£965,000 finance deal from Reward Finance Group underpins construction firm rescue
Construction boss Lilliana Savchuk has rescued her company from the brink thanks to commercial finance support from Yorkshire-based brokers ABL Business and funders Reward Finance Group.
Lilliana, director of London City Facades Ltd in Nazeing, Essex, was able to buy out the company after a director’s dispute led to cashflow problems and drove it into administration.
London City Facades Ltd is a leading contractor of external facades which designs, manufactures and installs full exterior facades for residential and commercial projects. Working with a number of well-regarded national developers in the South East and Greater London, the company provides a complete project management service from the design phase through to final installation.
The successful and profitable business was previously known as Luckywheel Ltd but was relaunched as London City Facades when Lilliana took over last year. She has managed to retain all the employees and assets as well as an order book of jobs worth nearly £6m.
The ABL team arranged for her to take out a bridging loan for £965,000 from Reward Finance Group. This enabled her to buy the trading premises from the administrators – including the company’s manufacturing and office facilities and equipment – and to clear all outstanding loans, so the business could relaunch with a clean slate.
Joint managing director of ABL Business Alex Beardsley said: “Liliana had only a three-week window in which to buy back the trading premises from the administrators, so we had to introduce her to a firm who we knew could deliver on a deal with a complex and unusual background, and within tight timescales, hence the introduction to Reward.”
Commenting further, joint managing director of Reward Finance Group, Dave Jones, said,
“We had to move quickly to tackle an unusual situation but behind it we knew there was a very successful business that was worthy of support.
“Liliana has had a fairly torrid time and it has been a pleasure to help her and London City Facades fully secure the assets of Lucky Wheel from the Administrator, and within the tight timescales the situation demanded”.
Lilliana concluded: “I needed to act very quickly to meet the deadline for what was effectively a make-or break situation and I was extremely impressed by the way ABL Business and Reward sprang into action to help me get the crucial finance in place.
“Sometimes problems arise that are out of your control and it’s invaluable to know that you can work with trusted advisors and lenders who will support you throughout the process right through to the other side.”