Out of administration, superb resort in Cornwall
A seasoned businessman, with considerable gravitas and a background in shipping and the leisure industry, required funding to purchase an attractive country club that had been placed into administration. He had the opportunity to acquire the club at a superb price, but he needed to move quickly in changing his lender.
Our client had been supported by us previously and was comfortable with our ability to be fast, fuss free and flexible. He shared his exciting business plan with us, we undertook quick due diligence and consequently provided an 18-month term loan on a first charge basis and secured the deal for him, allowing him to take out a difficult lender.
We agreed to extend the loan to further assist with the refinance, supporting the working capital of the borrower to the point of significant trading improvement. Our loan was repaid by way of an equity buy in by an experienced investor.
“We have now completed two significant and complex transactions with Ultimate.They have at all times been supportive, flexible and fair – it has been more like a partnership than a loan.Their ability to move rapidly, unlike the traditional lenders, has allowed us to acquire and refinance distressed assets in a rising market. Furthermore, their ongoing flexibility has taken pressure off our management team and given us the opportunity to turn the assets around. The first acquisition is now in the process of going to a public listing with the Ultimate loan still in place.”