Andrew Chadwick had been on the hunt for a business project for some time. With almost 30 years experience in building and growing SME businesses, he was keen to sink his teeth into a new business challenge.
Coincidentally, over at Divine Deli, the founder decided it was time for a change.
Andrew reviewed the business with its existing management team, and was impressed by its product range and processes. He felt he could make a real difference to the future of the company.
However, with his capital resources tied up in other property investments, he recognised that he needed help with funding to allow the purchase to go ahead.
Although the deal was far from simple to put together, Andrew worked closely with the existing team to create a detailed business plan. The hard work paid off - he was able to secure the funding he needed to take the business forward.
“It was a very complicated deal because there was so little capital put down at the start,” Andrew told us. “But by working with specialists who understand these types of deals and who were prepared to be flexible, we were able to structure a deal that worked for everyone.”
With £500k of Invoice Discounting, £120k by way of an Enterprise Finance Guarantee loan, and a stock line of £100k from ABN AMRO Commercial Finance, Andrew was in the perfect position to bring his new business to life.
Andrew is now running Divine Deli with a combination of old and new management, with the previous owner still involved on a part-time basis.
"We were able to structure a deal that worked for everyone"
The business continues to launch new products in its crusade to show customers that when it comes to fine food supplies, there is world beyond jam and chutney.