When Storm Desmond hit the North East of England in December 2015, the Tyne Valley Plastics factory was flooded, leaving the business and all of its machinery under two foot of water.
With orders still coming in, the plastic injection moulding company organised for all work to be subcontracted out to local companies to meet customer demand.
With total damage amounting to somewhere between £200,000 and £300,000 and the factory remaining closed for three months, the business took a huge hit and looked to secure funds via asset finance as the company owned much of its machinery outright.
Unfortunately, as much of the machinery was over five years old, mainstream lenders - even those who Tyne Valley Plastics had used in the past and had good credit finance with - would not provide asset finance.
Tyne Valley Plastics MD, Gill Rice, met Managing Director of Gateway Commercial Finance, Simon Boyson, following an introduction from Harlands Accountants. Despite thinking that they would get turned down again, Gill engaged Gateway Commercial Finance to secure asset finance for the business.
Simon took the time to get to know Gill and her business so that he could make informed recommendations. Through his experience in the banking industry and relationship with more than 200 lenders, Simon was able to secure asset finance for Tyne Valley Plastics where other financial providers couldn't.
Gill Rice said "Simon communicated very well with us throughout the process, making us aware of all costs up front so there were no nasty surprises. Simon has great industry experience as well as contacts and financial providers you wouldn't be able to find yourself."