The bank’s professional lending team was approached by one of its key broker partners to discuss funding an acquisition for a well-established chartered accountancy firm.

The partners at the firm were hoping to acquire a similar business in the local area and needed to arrange a considerable sum of money in order to facilitate the purchase within the timeframe required. 

The firm being acquired was a profitable, well-managed business, while the economies of scale would improve the trading performances and cash flows of the newly merged firms .

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Thanks to the information provided by the introducer, UTB was able to support a sizeable portion of the initial funding requirement with the funds released a few days prior to the completion of the acquisition. 

“UTB’s professional loans are often employed for a far more diverse range of purposes than simply settling VAT, corporation tax or partner tax bills,” said Neil Simpson, assistant credit manager of UTB’s professional loans team (pictured above). 

“Whether it’s a cash injection for a legal firm to overcome payment lock-up, money for a GP partnership to invest in improving their surgery or cash to facilitate a merger or acquisition; we work closely with our broker partners to quickly provide professional firms with the funds they need to grow.”

The £150,000 loan provided by UTB will be over a term of three years.