£140k loan keeps family-run HGV company on the road – to growth!

A family-run business, specialising in the haulage and maintenance of HGV vehicles, has turned a page in its story with Reparo, coming to the end of a £140k loan that kept the company on the road four years ago. Fast-forward to 2024 and the family business is going for growth.

The company, based in the North East, initially approached Reparo in January 2020 looking for support after a couple of tough trading years.

A spokesperson from the business said: “When we commenced the loan agreement with Reparo approximately four years ago, the business was going through a torrid time. However, we were determined to pull through.”

It was a complex and challenging situation which required a sensitive approach from Reparo. After an open and honest discussion about the company’s financial situation, Reparo offered the business a 4-year, amortising loan of £140k.

The security taken for this deal comprised of personal guarantees from the two company directors, a second charge on a commercial property and a second charge on a residential property.

The company spokesperson added: “Jason and the Reparo team have been impeccably personable, professional and supportive throughout our loan agreement. We would highly recommend Reparo to everyone we know. Thank you – the kettle’s always on up north!”

Jason Cossey, Reparo Finance Operations Director, said: “It’s really rewarding to get feedback like this from a client when you have been on a huge journey with them. We provided a loan to the client at a difficult time but believed in the owners and their commitment to the business.”

“The company was in a very challenging situation. It would have been easy to throw the towel in and we’ve known many businesses who have done over the years. We really admire the tenacity of the team. And we’re thrilled that we could offer a helping hand to save this family business. This is what storybook lending is all about. We wish them every success moving forward.”

The company has now secured a refinance of Reparo’s loan using the original introducer, Simply Business Finance as the company enters its next chapter and looks to grow further.

Find out more about Reparo’s structured facilities here: reparofinance.co.uk/reparo-structured/