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."
"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.
"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."