REM


The Challenge

The company was established 70 years ago and in 1995 it officially became REM. However, after buying the business is 2001 the company's predecessor is looking to retire and therefore REM were looking for finance for a management buy-out.

The Solution

Enterprise Finance Guarantee provided the perfect solution for REM due to it providing the support to take on part of the security, the government secured 75% of the loan while the remaining 25% was provided by the management buy-out team. This gave REM the vital funding needed.

The Result

The EFG has enabled the company's predecessor to retire and for the management team to now take the business further growing it their own way.

"We’re two and a half years post buy-out and have repaid a lot of that debt. We’re looking to invest in the business to take us to the next level. A lot of the equipment we use is old. We’re manufacturing in a non-economical way. With investment we could provide state-of-the- art equipment and be much more efficient." 

 

Background

REM is a design, manufacturer and distributer of hairdressing furniture and equipment to the hairdressing industry. Established for the past 70 years they are currently based in Lancashire with 85 employees. They manufacture everything from reception furniture, seats, styling and upholstery providing an excellent after-sales care and service that differentiates themselves from their competition.

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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