MBO’s are not limited to the large corporate businesses, there are many smaller / family owned businesses where a MBO would provide the ideal exit route to a vendor
Between the British Business Bank and the various Lenders involved, it has taken far longer than CBILS for some Lenders to be fully operational with RLS. However, while back in April there were only eighteen accredited Lenders to the scheme, there are now over seventy.
Tony has over 39 years of Banking, Corporate Finance and advisory experience gained in the Corporate Finance divisions of the High Street Banks, a specialist Growth and Corporate Finance Lender and the Lead Advisory within a national accountancy firm.
Matt Lobb is fairly pleased to have completed a £500k working capital facility structured across two lenders in order to support the growth plans of a local healthcare business.
Sterling Commercial Finance Ltd, a 20 year established Commercial Finance Brokerage, has today announced it has further strengthened its Midlands team with the appointment of experienced commercial banker Matt Lobb.
The British Business Bank Recovery Loan Scheme was launched this week as the replacement Government backed lending scheme to succeed the various Coronavirus Loan Schemes. However be aware options are limited just now.
The new Recovery Loan can in principle be used more widely and is potentially more flexible. However, much will depend on how the accredited lenders choose to operate the scheme within their own parameters and no doubt the devil will be in the detail.
So, like so many others running a business, you are facing a seemingly impossible challenge. The payments previously deferred (including March 2020 VAT) will shortly become due, CBIL’s/BBL’s repayments start soon, landlord’s patience has run out, customers are slow to pay/suppliers are about to stop supplying, wages are due at the end of the month and the bank balance is perilously close to the overdraft limit.
Since the start of the year, lenders have been urging us to encourage our clients wanting to take advantage of the Stamp Duty Holiday, to start their applications as soon as possible.
We are delighted to welcome Elaine Bridle to the team as our Compliance Manager. Elaine has 40 years Commercial Banking experience with NatWest, most recently working within their Commercial Risk and Controls Team. In an ever more regulated sector, Elaine’s expertise will help maintain our focus on this critical business area.