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TVAF 7 West Mills Yard, Newbury, Berkshire, RG14 5LP
Thames Valley Asset Finance were delighted to provide the financial support needed to facilitate a management buyout of a night club in Essex. One of the owners wanted to retire, so a price was agreed for the second owner to purchase his share.
Given the nature of the business, there weren’t any assets available against which to secure the loan, so a second charge against the second director’s residential property was set up. This is typically considered too high-risk for many traditional lenders, but Thames Valley Asset Finance worked with a specialist management buyout lender, which meant the new owner’s residential property was the security for the loan.
Our client will pay back the loan from the business’s profits, affordable now that he will receive 100% of the profits (not just 50%). This approach has allowed him to continue trading with no disruption to the nightclub operation.