Traditional values : Modern solutions

Visit us on Facebook
Visit us on Facebook
 
Visit us on LinkedIn
Visit us on LinkedIn
 
Visit us on Twitter
Visit us on Twitter

Long-Established Solicitor's Firm - WIP Funding

Sector: LEGAL | Value: £120,000
Equipment type: WIP FUNDING | Term: 12 MONTHS

A solicitor's firm needed to raise working capital to support cash flow.

Problem:

This client was a long established solicitor's practice consisting of seven partners and 80 staff across four offices. They were looking to raise working capital to support cash flow whilst they awaited payments from a number of high profile criminal cases that were to conclude later in the year. The ongoing disbursement costs related to the cases compacted with their tax and VAT commitments had left cash flow stretched and in need of a capital boost.

 

Approach:

Bathgate were introduced by a member of one of our networking groups that was using the solicitor's conveyancying team to support her clients. We met with the partners initially, who ultimately introduced us to their Manager. We met with the Finance Manager a couple of times, which gave us the opportunity to fully understand the business and have the confidence to talk openly about finance they had utilised previously and the relationships they had with other providers. This intel allowed us to work smarter when tailoring a solution to meet their requirements.

 

Solution:

We secured a loan of £120k syndicated across four funders spread over a 12 month period, each offering £30k against their current level of Work In Progress which stood at £1.6million.