Applied Radiators


The challenge

Applied Radiators was established in 1994, and came to ABN AMRO Commercial Finance looking for help with a management buy-out.

"The business was established by two guys who I worked with for 30 years. Last year they both retired so the loan was to help three of us take over the business and keep it in the family, as it were." 

The solution

"Between us three we didn’t have enough security to get the loan ourselves. The Enterprise Finance Guarantee (EFG) Scheme was suggested to us by ABN AMRO as an option."

Applied Radiators borrowed half a million pounds on a three year fixed term receivables finance loan.

The Result

"In March last year we signed on the dotted line and said the business was ours! It was exciting, a little scary. But touch wood, everything’s going smoothly." 

Looking to the future Applied Radiators ultimate aim is "to pay back the loan. Since taking over, we’ve changed nothing – although we have taken on a few extra staff. It’s a lovely little business and it does exactly what it says on the tin. Suppliers haven’t noticed that anything has changed and we want to keep it going exactly as it has been, expanding if we can." 

Their top tip to other businesses is to work with consultants, "we couldn’t have done it without them. Get advice at every stage from experts. That, and look after the people you’re working with." 

Background

 

Applied radiators repair, refurbish and remanufacture cooling systems for vehicles. They work on radiators for cars or anything else with an engine. Based in Stoke On Trent and Burton Upon Trent the company was founded in 1994 and has 17 employees.

Enterprise Finance Guarantee (EFG)

Raise from £25k to £1.2m with the EFG - an innovative business finance scheme, supported by the Government through the British Business Bank.

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