Audio Visual Company
Our client, an audio visual equipment hire and sales company based in London, was introduced to us by their solicitor.
The Company had suffered due to a poor investment in a US subsidiary which had since been closed. As a consequence it was in need of additional working capital which its bank was not prepared to provide. The Company had constraints for further credit with many of its Hire Purchase creditors – critical to its day to day operations – and had also recently had to negotiate a time to pay arrangement with HMRC. With increasing pressure from the HP creditors there was a real risk of insolvency.
ReSolve proposed a refinancing of the Group’s primary debt facilities (c£1 million) and the provision of a much needed working capital facility of up to c£750,000 to give the Company the time and resources to undertake the restructuring necessary to see through its recovery plans.