Supporting a legacy business through financial transition
Established in 1982, John Pickard (Hardware Ltd), a family-run wholesale business in West Yorkshire, had long served the door and window hardware trade with reliability and resilience. But in 2022, the passing of its founder marked a turning point. Ownership passed to his wife, who, while historically not directly involved in the day-to-day operations, continued the business’s legacy alongside the Managing Director, Dale Spencer. With evolving financial needs and a shifting leadership structure, the company found itself at a crossroads.
The business faced mounting pressure: a government-backed CBILS loan required repayment, cash flow constraints were impacting operational agility, and the existing Invoice Finance facility was no longer meeting the business’s needs. It was clear that the company would benefit from more than just funding, but additionally finding a financial partner who enabled their strategy for balanced stability, was flexible and enabled the client’s vision for future growth. Hilton-Baird Financial Solutions was therefore approached to address these complex requirements.
Using our breadth of knowledge and experience of the Invoice Finance industry, our team was swift in identifying a funder who could structure a bespoke solution to meet these precise needs. An ABL facility was taken-up, consisting of an Invoice Finance facility of £500,000 and a loan of £600,000 secured on property and this allowed the business to fully repay its CBILS obligation, immediately removing financial strain. The facility also enabled the business to utilise its working capital to reduce reliance on short-term borrowing, enabling a refocus on growth and investment.
Altogether, a total of £1.1 million was made available, allowing the company to recalibrate its financial footing with confidence. The combined facilities did more than bridge a financial gap, they supported the business in preserving the founder’s legacy, empowering a new generation of leadership and building the resilience needed for sustainable expansion.
Dale Spencer, Managing Director, John Pickard (Hardware) Ltd says “Hilton-Baird Financial Solutions instantly understood what was needed and set out to find options in terms of funding partners who could meet our needs, through this transitionary period. This is what strategic finance looks like when it’s done with heart and precision.”
To explore the options available to your business, or to compare any existing facilities against the wider market, contact our team on 0800 9774833 or request a call back here
