The Challenge: The customer was faced with a £74,000 Corporation Tax bill. After recently winning some large contracts, a large proportion of the customer’s money was already tied up in various projects. Whilst they had sufficient funds in the bank, the opportunity of using this working capital in other, more important areas, would have been lost.
The Solution: Charles & Dean approached a variety of lenders on their lending panel to have the best facility agreed. We arranged an unsecured loan for the customer to pay back over a 12 month period, aligned to the needs of the business.
The Result: This gave the customer the opportunity to run their business as before, as taking out the loan as opposed to paying in full, improved their cash flow immensely. It meant that they were able to seize opportunities which the company faced the following year as they were not strained by using the previous year’s cash resources. It also meant that when the next Corporation Tax bill was due, the customer was in a much better position to pay.