Coach operator refinances to secure a speedy deal

United Trust Bank was approached by a broker partner who introduced us to a long established coach operator presented with an opportunity to expand its business.

The coach operator was looking to acquire the contracts and vehicles of another local operator who was retiring from the business and the directors were looking to release equity in two unencumbered coaches in their fleet in order to fund the acquisition.

The directors wanted to release £100,000 from the two vehicles which would cover the purchase of the business and leave the remaining cash to cover any additional costs relating to the acquisition, including running costs for the first few months following the buy-out.

Time was of the essence as the sale had to be completed within a tight time frame. Desk top valuations were quickly sought which supported the advance and the acceptance was given to the broker on the same day which enabled them to quote and close the deal. Asset inspections were subsequently undertaken on the vehicles and the deal was paid out in time for the company to complete the purchase of the contracts and vehicles as planned.