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, having been referred by a financial advisor. 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.
Operations Director, Gary Sevenson, said: “Securing the funding has enabled us to achieve what we couldn’t have done without the advice and finance received. It has allowed the business to keep going and achieve continued growth.”
Folllowing the initial funding round, the company has gone on to receive a further 3 year term loan
To read more ABN AMRO Commercial Finance case studies, illustrating how EFG has helped businesses to grow, click here.