When MVS Mechanical Services (a Stourbridge based heating and ventilation contractor) approached us regarding the funding of a management buy-in they had already had their proposal turned down by several banks and invoice discounters.
Being an established, well-run, company enjoying excellent relationships with major contractors and private clients alike, and, with a strong pipeline of quality secured contracts we could instantly see the proposal had potential.
Securing this substantial investment allowed the management to confidently pursue their growth objective.
They have recruited additional staff and are on target to increase both company turnover and profitablity.
Company Director, Andrew Dowd, said:
"Funding this deal to purchase a business in the contracting industry (where there are only a few available funders) proved to be very difficult. Trying to use the traditional funding methods of invoice financing led to one complication after another much to the frustration of all parties. I was introduced to Richard Mason and explained that we knew the exact amount of funding needed to complete the deal but the traditional methods of funding were proving fruitless. Richard came up with the proposal of a 5-year loan (part of which was "interest only") through peer-to-peer lending but the key element was to have the loan fully underwritten so we were guaranteed all the funding required to finally complete the deal. The funding was in place around 6 weeks from the initial meeting, much to the relief of all parties.
This loan was the perfect solution and but for meeting Richard, it's safe to say that the deal would never have taken place".