Cube Metals Ltd is a metal fabrication and processing company founded by Daniel Kacprzycki. Like many other businesses, Cube Metals Ltd took out a CBILS loan with the purpose of buying permanent trading premises and unlocking future growth for the business. However, after the pandemic hit, Kacprzycki found that the monthly payments had become unsustainable, and the business needed to refinance the CBILS and bridging loans.
The business turned to Mickey Wong our AR to help. Wong took the case to high street lenders, but they had no interest in refinancing a loan from a past government scheme, despite the fact that Cube Metals Ltd had grown year on year, even throughout the pandemic.
Mickey then turned to Atom Bank, where an agreement in principle was secured. However, there was a tight turnaround as the loan needed to be completed in 13 working days to avoid a default on the bridging loan.
Mickey Wong, Atom Bank, and Square One Law worked hard to ensure the loan would be completed, and funding was secured through the Recovery Loan Scheme (RLS) within the timeframe. Meeting the deadline saved Cube Metals Ltd incurring default costs and further re-arrangement fees estimated to be at £50,000, which would have been payable if the deadline had been missed.
Refinancing through the RLS has also reduced Cube Metals Ltd’s monthly loan payment by an estimated £30,000 per month, ensuring repayments are more manageable over the long term. Cube Metals Ltd has been able to set itself up as a one-stop shop that offers an increased number of services, putting it in a stronger position and becoming more resilient to market changes. The business has also been able to outsource less, reducing costs to the business.
Mickey Wong, added: “I am glad we were able to achieve a positive outcome for Daniel and his long term plans for the business, with Atom Bank going above and beyond to ensure completion on time." At ABL Business, they help all businesses get the funding they need to help their business grow.
We are proud to have helped Cube Metals Ltd overcome their financial challenges and secure funding through the Recovery Loan Scheme. Our team works hard to understand each client's unique circumstances and develop tailored solutions to help them achieve their business goals.
We understand that securing funding can be a complex and time-consuming process, which is why we work closely with our clients to guide them through every step of the way. Our team has extensive experience in securing funding through a range of sources, including government-backed schemes, traditional lenders, and alternative finance providers.
If you want to know more, we are always happy to help, the ABL team is available on 01274 965356 or drop us an email
If you want to find out further information about this topic you can get in touch with Andy via email or call him on 07824 391 007 to talk through your options.