Construction boss Lilliana Savchuk saved her business from administration with commercial financial support from ABL Business.
Lilliana, director of London City Facades Ltd in Nazeing, Essex, was able to buy out the company after a dispute between directors caused cash flow problems and led to administration.
London City Facades Ltd is an exterior facade contractor who designs, manufactures and installs complete exterior facades for residential and commercial projects.
The business was previously known as Luckywheel Ltd, but was relaunched as London City Facades when Lilliana took over last year. It retained all employees and assets as well as a jobs backlog worth almost Â£ 6million.
Yorkshire-based ABL Business arranged a Â£ 965,000 bridging loan with Reward Finance Group Leeds. This allowed Lilliana to purchase the business premises from the directors – including the company’s manufacturing and office facilities and equipment – and to clear all outstanding loans, so the business could revive with a clean slate.
ABL Business Co-Managing Director Alex Beardsley said: âIt was decided that bridging funding would be the best option in Lilliana’s situation. It had three weeks to buy the commercial premises from the administrators, so it had to raise the capital as quickly as possible.
âDue to the circumstances at the time, it was very unlikely that she could have secured a mortgage from a traditional lender. But now that she’s back in business, we can continue to work with her to organize a commercial mortgage refinance. With ongoing contracts, invoice financing will then allow the business to raise funds against delinquencies to allow the business to start growing again.
Lilliana said: âI had to act very quickly to meet the deadline for what was indeed a watershed situation and I was extremely impressed with how ABL Business got into action to help me set up the crucial funding. They carefully assessed the situation and found the right solution for my situation at this point and are now working with me to continue to keep the business on its rapid growth path.