Case study

Automotive business keeps moving with £108k Refinance solution


Specialising in injection moulding and tooling for the automotive sector, this business was established in 1996 and has benefited from the extensive experience of its team of directors. Having chosen Ultimate Finance as their new funding partner at the beginning of 2023 through the provision of a flexible £400k Invoice Finance facility to help invest in capacity and move into new high margin sectors, their Relationship Manager, Michelle Hunt, knew exactly how to provide additional support when there was a need for additional working capital, and so she quickly turned to her colleague Jamie Glenn, Regional Director and Asset Finance specialist, so that he could help tailor a solution for the business.

Michelle explains, “At Ultimate Finance we have over 20 years’ experience in tailoring specific funding solutions that directly address the needs of our clients, and we are able to leverage the benefits of several types of asset-based facilities to provide strategic access to cashflow without the need for less flexible forms of funding such as overdrafts or business loans. As Relationship Managers we understand how important it is to build a strong relationship with our clients and really understand how their business works and so when we identify an obstacle they are facing or a brand-new opportunity they are considering, we are often best positioned to be able to support them”.

To help the business raise the cash it needed to continue to service their existing clients whilst investing in some bespoke machinery for new contracts, the team at Ultimate Finance looked at the funds tied up in its existing assets. Jamie continues, “Most businesses use hard assets in their day-to-day operations, and it is a great way to quickly raise additional capital when looking to inject cash into a business. We identified which assets could unlock the most liquidity and agreed to refinance 12 machines to raise £108k. 11 of the assets were on finance with another lender, so we settled that facility in full and transferred the remaining funds to the business alongside those tied into a machine they owned outright to a new facility with Ultimate Finance”.

The team at Ultimate Finance knew that timing was of the essence and so the facility was structured and approved within just two business days and funding transferred within the week. Jamie concludes, “We draw from our experience and from the feedback we actively collect from businesses and the Introducers we partner with to ensure we are a lender that is easy to deal with, and so our processes have been fine-tuned to ensure funds can be accessed without any unnecessary delays”.

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