Central sorts six-figure finance

Business adviser Central Finance has raised a six-figure finance package for EuroFreight Shipping Agencies to fund the buyout, which will see service provision diversified and secures the future of the business under sole ownership.

Central Finance sourced a peer-to-peer finance package via ThinCats, which allowed shareholder Rick Alphonso to buy out the former owner and to focus on new markets for the freight forwarder. EuroFreight Shipping Agencies, established in 1991, handles export and import of cargoes to and from destinations worldwide destinations by road, sea and air.

Managing director Rick Alphonso said: "I have worked in freight forwarding for many years, and have been a director of EuroFreight for the last two. When an opportunity came along to buy-out my former shareholder and put into practice some of the ideas I have to drive business expansion, it was clear I needed expert advice on gaining finance.

"Finding the right finance to purchase the entirety of the business was key to the buy-out and securing the future of EuroFreight. I couldn't have done it alone. It was clear after meeting Steve, who has years of experience working with small to large businesses to access business finance that Central Finance would help me achieve my aim to own EuroFreight outright for the right price."

Central Finance - based at offices in Birmingham, Oldbury and Worcester – has more than 60 years' collective experience in commercial finance including business development loans, commercial mortgages, peer to peer finance and grants

Director Steve Harris said "Having worked with hundreds of businesses like EuroFreight over the years, my colleagues and I have built up a great level of understanding of the complexities of accessing business finance, especially for management buyout plans like Rick's, and I'm proud to be able to discuss alternative finance solutions such as peer-to-peer as a viable option to put into place Rick's plans.

"Accessing business finance can be complex, time consuming and can sometimes have a negative outcome, but our experienced team understand the market very well and achieving this six figure finance package is testament to our knowledge of the sector and our understanding of the underwriting criteria often put in place."

Rick Alphonso added: Central Finance took the time to understand my business objectives, the trading history, the potential and how I could achieve the buy-out swiftly and successfully.

Their track record in accessing finance and their ability to understand the lending criteria and small print, and ultimately taking away the late nights and most of all the headache of form filling has provided a sustainable, positive outlook for the future of EuroFreight."

"The funds have not only allowed me to buy out my former business partner, but will also allow us to drive expansion in the road and sea divisions of the business with a new sales and marketing plan and provide bespoke services to the Far East."

Central Finance says it has supported over 500 businesses in the last two years and raised over £50 million in grants and commercial finance, driving significant growth for its clients and creating in excess of 300 jobs for the region.