ASC Success Story
£825,000 raised with careful co-ordination
If you are the boss of a family business, you need to plan your retirement carefully! Roseacre Care Home in Cornwall has been run successfully by Tom Knight and his family for 25 years, described as “exceptional… relaxed and caring”. When Tom’s daughter, Penny Turner, was due to take over the helm she met with her financial adviser Stuart Toghill of Kellands Financial Services, who then introduced her to Conrad Robins at ASC Finance for Business in Truro. Conrad quickly identified a lender for Penny to acquire a majority shareholding and for the Company to buy the property from her father. The rate of interest obtained was only 2.5% over bank base rate which made it a fantastic deal.
A suitable structure and timetable was agreed with the help of the Company’s accountants. Tom was mostly abroad by then and with a full panel of professional advisers involved, good communication and hands-on case management was vital in bringing all the strands of the transaction together!
Keen focus addressed a challenging succession of issues and approval was required at various junctures from three firms of solicitors representing all parties. Conrad and his team are well versed in proactive collaboration with professional advisers – it is a key feature of the ASC service. As Conrad puts it, “We are happy to take on the role of central coordination and reference point - fundamental in making deals like Penny’s happen”. Penny and her partner Steve said, “During our recent company transfer we found the services of ASC to be reliable, professional and efficient. Conrad and John helped with all aspects of what proved to be a complicated transaction. We will use ASC again for our next purchase!“
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