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Number Eight source funding for long-standing business succession plan


CUSTOMER

PSM Reid Masters Limited


BUSNIESS DESCRIPTION

Tax Advisers and Accountants


FUNDING REQUIREMENT

Undisclosed


TERM

5 years


LENDER

Braemar Finance (Part of the Close Brothers Group)


LOAN PURPOSE

Business purchase/MBO resulting in completion of a longstanding succession plan

Three principles of the firm planned a staged exit and succession plan to ensure continued growth and longevity. This included a business loan into the company to enable one of the principles to sell his stake and take a step back from the business in preparation for retirement.


What the company does

As Tax Advisers and Accountants, PSM Reid Masters qualified team provide their customers with: • Accounts preparation 

• Business advice • Tax compliance • PAYE and VAT

• Tax efficiency Planning • Business restructuring • Assistance with HM Revenue & Customs investigations and offshore tax matters.


What was funding needed for?

Additional funding was needed to compliment a capital injection from one of the principles. A lender with a clear understanding of the situation, the sector and the projections were required to raise the totally amount.


How Number Eight helped

Following an initial meeting with the customer, our Regional Directors were able to engage with a specialist market lender that had the knowledge and expertise of this accountancy and professional marketplace. An unsecured term loan facility to match the customer’s remit was approved and funds were transferred within 5 working days.


Result

As result of the work undertaken by the team at Number Eight, the transaction was able to take effect almost a month earlier because funding was successfully raised and delivered ahead of schedule.


What the customer said:

“Our finance requirement was dealt with in a personal and bespoke manner. The service provided by the team was excellent, acting as advocates to ensure Number Eight Business Finance matched us to the best finance provider and within a tight timescale.”


Number Eight Business Finance is a specialist advisory-led intermediary organisation that is focused onproviding advice to businesses that are either considering finance or believe that their exiting facilities are not suitable or competitive. We believe that the majority of business owners need help following the demise of the high street banks and this has been proven in this case and many other case studies.


Wade Park Farm
Salisbury Road, Ower
Southampton, 
Hampshire

SO51 6AG

023 8214 6797

Innovation Centre 
Treliske, Truro 
Cornwall 

TR1 3FF

01872 306 605

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Number Eight Business Finance is a trading name of Business Finance Match Limited, registered in England and Wales.
Company Registration Number: 05500466. Registered address: Unit 1, Ash Hill Common, Sherfield English, Romsey, SO51 6FU. 
Business Finance Match Limited is authorised and regulated by the Financial Conduct Authority, Firm Reference Number: 801152.