- Client: Equipment hire company
- Facility: Revolving Credit and Loan
- Facility Amount: £2.2 million
In a recent case, Enness was approached by a central London-based equipment hire company seeking financial assistance. The primary objective was to refinance existing asset finance on more favourable terms while raising additional capital to support ongoing working capital requirements.
The equipment hire sector has faced significant challenges, with many lenders viewing it with caution. Concerns about potential insolvencies in the sector often dissuade lenders from providing necessary funding. Compounding this challenge was the fact that the company’s owner had only recently acquired the business, which raised further apprehension among prospective lenders looking for established track records.
Despite these hurdles, Enness acted swiftly to address the client's needs. Understanding the nuances of the situation, the team successfully negotiated a comprehensive £2+ million financing facility. This package consists of a revolving credit facility alongside a loan supported by the Government Guarantee Scheme, which provided an additional layer of security for lenders and reassurance for the client.
This tailored financial solution not only enabled the company to refinance its existing obligations under more manageable terms but also positioned it for future growth by improving liquidity. Enness’s ability to navigate the complexities of the equipment hire market and secure favourable terms highlights their expertise in asset-backed lending, ultimately allowing the client to focus on its operational success without financial strain. The swift execution and successful closure of this deal emphasise Enness's commitment to supporting businesses in challenging sectors.
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