Commercial broker Irina Rickerby of Asset Finance Solutions discusses the funding route for a recently established craft brewery company that had seen demand for its canned products grow. With profit margins eroding due to having to use an external canning line that was not fit for purpose, the brewery owners wanted to explore their options.
Irina explains, “The business was in the difficult position of having grown so much they had to turn down orders because the canning line they were using wasn’t of a high enough quality to supply online beer retailers. So they made the decision to look at investing in their own canning line and set out to find a funding partner that could help them meet their needs”.
Irina introduced the business to one of her regular contacts, regional director Jamie Glenn, who took the time to understand what makes the business unique to tailor a funding solution that would ensure they would meet their ambitions. He says, “At Ultimate Finance we want to be the funding partner of choice for both introducers and their clients, and that means that we approach every proposal with an open mind. The needs of businesses come first, not products or tick boxes, so we listen to what they need and then apply our expertise to deliver the right funding solution for them”.
In this instance, the right funding was a £125k Hire Purchase facility that allowed for the new canning line to be bought quickly. The team at Ultimate Finance first arranged for a valuation to be performed on the asset, and then was able to work off projected sales to tailor a solution that would help the business meet its growth ambitions.
Irina adds, “I was delighted with Ultimate Finance’s team and their commercial underwriting approach. Jamie is always excellent at managing the deal process quickly and efficiently and helping to tailor them. I was also impressed with the payouts team, led by Samantha Cox for this deal. They were proactive in managing the documentation and payout process, even liaising with suppliers to ensure the correct paperwork was received”.
With the assurance of having the capacity to fulfil canning orders, the business has now secured an order with a large online canned beer retailer. And because such orders require a significant volume of beer to be brewed, they will soon be investing in additional tanks to support their growth.
Jamie concludes, “It was a pleasure to work with Irina again and to be able to play a significant part in this young business’ story. We’re staying in touch throughout the full terms of the facility and beyond and will be more than happy to look at providing further funding to support their growth should they require it in the future”.