Sopp and Sopp are a fleet accident vehicle recovery and repair business for large scale corporate clients.
When the business approached Pilot Fish, their High Street bank were no longer able to provide finance as their sector had dropped out of the lending policy for the bank. Therefore, an alternative finance facility was required.
This case had additional complexity as the company had hit a difficult trading period at a time when they had invested in business growth, which meant they were in a period of loss making. This made it difficult to secure further borrowing.
We sourced an asset backed lender that saw the potential in the company. Our business advisory team prepared business plans and financial forecasts which backed the loan and gave the lender additional comfort.
The refinancing we put in place gave the client time to restructure their operations. Within a year the business was profit making and subsequently went on to achieve serious growth.