The challenge

Founded in 2010, Managing Director Gregory McDonald saw an opportunity to drive new business through a succession of acquisitions of established businesses. His former position as a senior director in a large corporation meant he had the skills and expertise to forge ahead, but he required the support of a comprehensive funding solution to drive his business ambition forward.

The solution

In 2011, Gregory identified a Management Buy-In (MBI) opportunity as result of the incumbent’s exit strategy. He was introduced to ABN AMRO Commercial Finance by a Birmingham-based corporate finance boutique to support Goodfish with a competitive MBI funding package. This consisted of Receivables Finance enabling the acquisition and providing ongoing working capital to prevent post-liquidity challenges.

The combination of ABN AMRO Commercial Finance’s strong relationship with the client, their flexible funding structures and competitive edge, led to the successful funding of two further strategic acquisitions.

In 2015, Goodfish acquired Powell & Harber (Precision Engineers) Ltd in Worcester. This would add to their existing funding package, giving them greater flexibility.  The original owners set up the business in 1979, but planned to retire, so the ideal opportunity presented itself for Goodfish to further pursue its plans for expansion. Powell & Harber is now a subsidiary of Goodfish, retaining its trading name and previous management team. The acquisition price was supported with Receivables Finance  services from ABN AMRO Commercial Finance, as well as a loan against the freehold property.

Goodfish’s most recent acquisition in 2017 was of a manufacturing company in the East Midlands. ABN AMRO Commercial Finance
provided a Receivables Funding Line and an additional Group increase
in availability.

Gregory McDonald said:

“The consistent support and expertise of the team at ABN AMRO Commercial Finance is unparalleled - using Receivables Finance and Asset Based Lending to raise significant levels of funding required at each level of growth to take our business to the next level. Their supportive approach and flexible service provision over the years have played a key role in the rapid expansion of Goodfish across the UK.”

The result

The most recent acquisition has enabled Goodfish to bring on vacuum forming, printing and assembly, meaning they can widen their range of work to service existing, as well as new clients, across the UK, Europe and further abroad.

ABN AMRO Commercial Finance’s valued partnership with Goodfish is testament to the importance of Asset Based Lending solutions to enable continued growth. The rapid expansion of Goodfish in the UK has allowed them to further invest in the people and facilities required for strategic development – increasing their headcount from 25 to 126 employees and taking their business from £2m originally to an impressive £12m in just seven years.