EuroFreight Shipping Agencies is an international freight forwarders based in the West Midlands, with over 25 years’ experience in importing and exporting cargoes - from hazardous waste to vital recycling.
With ambitious plans to diversify the service provision and focus on new markets, Managing Director Rick Alphonso was keen to secure the future of the business under sole ownership, and began to look for finance to stage a Management Buy Out.
Often an area that poses a challenge for those seeking funding, this MBO was deemed to be a very viable opportunity by Central Finance, ThinCats introducer and peer-to-peer lending experts. Steve Harris, director at Central Finance, said: “Accessing business finance can be complex, time consuming and can sometimes have a negative outcome, but our experienced team understand the market very well and achieving this six-figure finance package is testament to our knowledge of the sector and our understanding of the underwriting criteria often put in place.”
ThinCats lenders were equally convinced of the viability of the deal, and were happy to support the loan on the platform; proving that with the right plans and foresight, and the right information, traditionally hard to secure funding can be achieved through P2P.
Rick said: “I have worked in the freight industry for more than 30 years, and have been a director of EuroFreight for the last two. When an opportunity came along to buy-out my former shareholder and put into practice some of the ideas I have to drive business expansion, it was clear I needed expert advice on gaining finance.”
The funds have not only allowed me to buy out my former business partner, but will also allow us to drive expansion in the road and sea divisions of the business with a new sales and marketing plan and provide bespoke services globally.