Construction boss Lilliana Savchuk has rescued her company from administration with commercial finance support from ABL Business.
Lilliana, Director of London City Facades Ltd in Nazeing, Essex, was able to buy out the company after a director’s dispute led to cashflow problems and drove it into administration.
London City Facades Ltd is a contractor of external facades which designs, manufactures and installs full exterior facades for residential and commercial projects.
The business was previously known as Luckywheel Ltd but was relaunched as London City Facades when Lilliana took over last year. She retained all the employees and assets as well as an order book of jobs worth nearly £6m.
Yorkshire-based ABL Business arranged a bridging loan for £965,000 from Reward Finance Group Leeds. This enabled Lilliana to buy the trading premises from the administrators – including the company’s manufacturing and office facilities and equipment – and to clear all outstanding loans, so the business could relaunch with a clean slate.
Joint Managing Director of ABL Business Alex Beardsley said: “It was decided that bridging finance would be the best option in Lilliana’s situation. She had a three-week window in which to buy back the trading premises from the administrators, so she needed to raise the capital as quickly as possible.
“Due to the circumstances at the time, it was most unlikely that she would have been able to secure a mortgage with a mainstream lender. But now that she is back in business we can continue to work with her to arrange a re-finance of commercial mortgage. With contracts in progress, invoice finance will then allow the company to raise funds against outstanding payments to enable the business to start growing again.”
Lilliana said: “I needed to act very quickly to meet the deadline for what was effectively a make-or break situation and I was extremely impressed by the way ABL Business sprang into action to help me get the crucial finance in place. They carefully assessed the situation and came up with the right solution for my circumstances at that point and are now working with me going forward to keep the business on its trajectory of rapid growth.”