What an amazing start to the year!

Well done Max Stinchcombe on the completion of a £3 million CBILS loan.

We are delighted to assist a client who provides domiciliary care with a CBIL facility of £3m.

There has been a massive impact on the care sector as a result of COVID-19 and a real concern about moving into residential care with people preferring to be looked after in their own homes. The result for our client has been a positive one with a significant increase in demand for care at home.

In normal circumstances, the limiting factor to growth in the sector is the ability to recruit new staff and the additional costs of training, uniforms and, these days, PPE.  However, the rise in the unemployment rate has meant there has been a supply of available labour. The new facility has enabled our client to take advantage of market conditions, increase their staffing levels and to provide the care at home that is so urgently needed.

Max Commented –

“This was a very difficult deal to get over the line. Whilst the client was clearly affected by Coronavirus this was in a positive way with an increased turnover leading to increased profitability. However, there was a clear impact on cash flow caused by the growth, that was not recognised by their incumbent bank which refused to help at any level. I was therefore delighted when the facility was finally drawn down.”

MD Darren Willoughby Commented –

“This was a tricky case from start to finish and I am delighted that Max has managed to secure this facility for the clients – Many people “talk” about supporting businesses through the pandemic but there can be no greater illustration of this than this case – A very well done Max”