£40 million funding is a dream come true…
Motorlease has been trading since 2006 providing unique and customer-centric vehicle leasing options.
The business had been growing at a steady pace for a number of years. Most of the business came from on-going customers. The business was great at providing exceptional customer service. And the, Jeff Smith, the managing director wanted to aggressively grow the company into a multi-million pound business.
Stalling in the initial gears
Martin & Jeff wanted help with growing the business. He had been working hard for a number of years. And it was time he sought the expertise of a trusted adviser.
The visionary and exciting plan Martin & Jeff had in mind needed at least £3 million funding from a bank or finance house. Having spoken to his existing bank and a few other banks they were finally beginning to lose hope.
Alongside external funding, they wanted to work with an accountant who understood his business. He wanted an adviser who could support the business during its predicted exceptional growth. This aloes meant having someone who had a great understanding of tax. As the company was buying lots of vehicles understood tax Martin & Jeff wanted to ensure all the correct capital allowances were claimed at the right time. The numbers at stake were high and they were well aware of this.
A mechanical problem…
Martin & Jeff wanted advice and support with:
- An outstanding business plan to take to external funders
- Support in securing funding – he wanted someone to advise him and attend meetings
- Business tax planning in view of all the assets that were being purchased
These measures included:
- Quarterly management meetings to review performance of the company
- Meetings with lenders to secure funding
- Advice of book-keeping and on-going accountancy and tax matters
- Help with financial management post funding
Meeting of minds
Martin & Jeff were introduced to aa chartered accountants by their ex-senior bank manager
This bank manager had started his own business and he felt that Jeff needed a proactive accountant to help with the challenges at hand.
They were extremely impressed with how quickly Shaz understood the complex business model. This encouraged him to sign-up as a client.
Getting the wheels in motion
aa Chartered Accountants prepared an extensive business plan which was taken to market. A few large lenders were interested in the deal and this led to further talks and meetings
In addition to the business plan, they wanted help with growing the business and paying less tax.
Client Comments
“The investment in aa accountants was the right thing to do”
Driving success in top gear!
Martin & Jeff were delighted to have been offered £20 million by a venture capital company in London. However, they politely declined the offer..
An investment bank from Dubai offered £40 million and Jeff is in the process of finalising the offer.
They business increased turnover by a phenomenal 574.49% in the first year of working with aa Chartered Accountants. Profit before depreciation and tax improved by 496.64%.
Quarterly management accounts allow them to keep on top of the numbers. And manage the exceptional growth.
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