Plastering & Dry Lining Turnover: £15m

Deal type: Construction Finance Industry Sector: Plastering & Dry Lining Turnover: £15m

The company was under pressure to repay its overdraft after the bank became aware of a build up of PAYE arrears. This in turn was a result of the business being undercapitalised due to a restricted bank overdraft of only £350k compare with a debtor ledger of £1.8m, excluding retentions.

A detailed review was undertaken of the company's current contracts and debts outstanding by a specialist firm of chartered surveyors plus a full financial review paying particular attention to outstanding creditors.

The invoice discounter agreed to provide a confidential construction finance facility of £750k which was sufficient to clear the arrears of Vat and provide a working capital facility that was much more appropriate to the company's needs.

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