Construction boss Lilliana Savchuk has told of her delight after managing to rescue her company from an issue that dragged the business into administration.
But thanks to commercial finance support from funders Reward Finance Group, Lilliana, director of London City Facades Ltd was able to buy out the company.
The £965,000 finance deal followed a director’s dispute that led to cashflow problems that drove the firm, in Nazeing, Essex, into administration. 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 Reward sprang into action to help me get the crucial finance in place.
“Sometimes problems arise that are out of your control and it’s invaluable to know that you can work with trusted lenders who support you throughout the process right through to the other side.”
The support came just in time for London City Facades Ltd, a leading contractor of external facades which designs, manufactures and installs full exterior facades for residential and commercial projects. Working with a number of well-regarded national developers in the South East and Greater London, the company provides a complete project management service from the design phase through to final installation.
The successful and profitable business was previously known as Luckywheel Ltd but was relaunched as London City Facades when Lilliana took over last year. She has managed to retain all the employees and assets as well as an order book of jobs worth nearly £6million.
The bridging loan of £965,000 from Reward Finance Group 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.
Liliana had a three-week window in which to buy back the trading premises from the administrators, so it was imperative to work with a lender like Reward Finance.
Joint managing director of Reward Finance Group, Dave Jones, added: “We had to move quickly to tackle an unusual situation but behind it we knew there was a very successful business that was worthy of support.
“Liliana has had a fairly torrid time and it has been a pleasure to help her and London City Facades fully secure the assets of Lucky Wheel from the Administrator, and within the tight timescales the situation demanded.”