Success Story

Funding solution

As a well-respected independent building firm, M. Davenport Builders worked with Hallidays to grow their business. Here’s how we resolved their funding issue to enable their business to move forward with confidence and continue to grow...

Before:

M. Davenport Builders had extra working capital funding payments to make before Christmas.

Their cashflow was restricted due to unsold assets.

Pressure from increased material costs were suppressing agreed contracts.

An extended overdraft was agreed but further funding was needed.

After:

Hallidays ensured that the positive elements of the business were compiled and presented at a meeting facilitated by us with the bank.

We produced various projections to demonstrate the affordability of the potential funding required.

Sensitivity models were also produced and submitted by us based around both reduced and increased gross margin.

We continue to support the business owner and liaise with the bank, relieving some of the day-to-day worry and stress.

Outcome

An increased overdraft up to £100k was secured so our client could trade through Christmas to get a head start for the new period until his assets were sold. Due to the success with the bank our client recognised the importance of tight, transparent controls.

We are now helping review the data capture to allow the business to be monitored on gross margin per job which will help the client to make better quoting/pricing decisions. Our client is now in a more confident and financially stable position to move his business forward.

M. Davenport’s thoughts...

Hallidays’ knowledge and skill in providing the necessary information and securing the funding we needed was invaluable. I cannot thank them enough for the work they did. Their support was exceptional and I wouldn’t have any doubts in recommending Hallidays to anyone.

Mark Davenport Managing Director – M. Davenport Builders Ltd
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