Management Buy Out completes thanks to Invoice Finance

Millnet Limited is an established business that specialises in providing document and data services for corporates, mainly in the legal sector. When Managing Director Steve Chubb was presented with the opportunity to purchase the business from its operating group, he turned to introducer Richard Mason at Ricosta Capital to explore financing options that could assist with the Management Buy Out as well as help with cashflow in the longer term.

 A different approach to business funding

Having been recommended the services of Ultimate Finance by other contacts in the industry, Richard met with Regional Director Chris Mitcham to find out more about the lender’s unique approach to business funding. He explains, “I had heard many great things about Ultimate Finance’s ways of working and I was delighted to get the opportunity to see first-hand how they could help support Steve’s requirements. Upon meeting with Chris, I understood why they were recommended to me: he was immediately invested in understanding the ins and outs of the business and brought on the wider team to quickly put a facility together that could address its specific needs”.

Drawing from expertise in financing acquisitions

Having supported many Management Buy Outs and Ins in the past, the team at Ultimate Finance was able to draw from their expertise to propose a £450k Invoice Discounting solution that would offer access to the liquidity needed to support with the initial transaction and help with longer term cashflow needs thereafter.

Chris says, “We are able to move fast and efficiently thanks to our deal-team approach. From the very start we had our Underwriting team directly involved with the application process to get the terms of the facility ironed out, which both Richard and the business appreciated as makes for a seamless journey to funding”.

Supporting business ambitions in the long run

With the funding in place and the Management Buy Out successfully completed, the facility will now support the ambitions of the business as it consolidates and looks to grow its service offering to its customers. Chris concludes, “I’m delighted to have worked with Richard and I’m certain that this is only the beginning of a great partnership as we continue to work together and help SMEs access the funding and support they need. This business was able to retain all staff, which is a great success story in itself, and the whole team at Ultimate Finance is looking forward to helping it keep moving for years to come”.