ABN AMRO Commercial Finance
Region: East Midlands
Programme: Enterprise Finance Guarantee
Applied Radiators repair, refurbish and remanufacture cooling systems for vehicles. They work on radiators for cars and generally anything with an engine. Based in Stoke-on-Trent and Burton-upon-Trent, the company was founded in 1994 and has 17 employees.
Applied Radiators was established in 1994 and came to ABN AMRO Commercial Finance looking for help with a management buyout. Two of the founders were retiring and the remaining management team wanted a loan to help the three of them take over the business – but did not have sufficient security to secure the loan themselves.
The British Business Bank’s Enterprise Finance Guarantee (EFG) programme was suggested to the management team by ABN AMRO and – as a result – Applied Radiators’ management team was able to borrow £500,000 on a three year fixed term receivables finance loan.
Looking to the future, their ultimate aim is to pay back the full loan, while continuing to focus on business as usual.
In their own words: “Since taking over, we’ve changed nothing – although we have taken on a few extra staff. It’s a lovely little business and it does exactly what it says on the tin. Suppliers haven’t noticed that anything has changed and we want to keep it going exactly as it has been, but will expand if we can.”
They recommend working with business finance consultants: “We couldn’t have done it without ABN AMRO Commercial Finance’s support.”
To read more ABN AMRO Commercial Finance case studies, illustrating how EFG has helped businesses to grow, click here.