CBS boxes clever to buy competitor
The challenge
- Support unique expansion plans of ambitious business.
- Fund purchase of larger, geographically distant, rival.
- Support integration of larger company into existing business.
The solution
A flexible finance package of bank overdraft, invoice discounting and asset finance that allowed the £1.5m-turnover CBS to buy and integrate its £5m-turnover rival.
Mike Middleton, relationship manager Lloyds TSB Corporate Markets says, “It’s unusual for a £1.5m business to take over a £5m business, it’s usually the other way around, but we were able to provide a quick solution. CBS had always been pleased with the service we had given them and this new deal gives them the flexibility they need to cover all eventualities.”
Jitha Sahota, Manager CBS adds, “It all came down to the relationships and to Mike’s personal touch. Lloyds TSB was willing to pull out all the stops to make us stay.”
Why Lloyds TSB Corporate Markets?
- Speed and efficiency in arranging deal.
- Understanding of unusual takeover scenario.
- Flexibility in proposing alternative finance methods.
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