News > September 2009

Accountants Secure £5 Million for Care Home Client

Swansea chartered accountants H W Vaughan are celebrating after securing funding of over £5million for a client in the care homes industry, despite the restrictions on bank lending brought about by the credit crunch.

Their client – Fieldbay Ltd – were looking to buy a new care home at a cost of £5million in order to expand their business, but their bank refused to increase the £2million in funding they already had access to.

They turned to H W Vaughan, who found a bank which was willing to lend the cash – but not before going through an exhaustive application process, involving H W Vaughan preparing financial plans, analysing different cash flow predictions, a multitude of what if scenarios and a breakeven analysis. Following three meetings with the bankers the funding was agreed.

Rylan Lopez, partner at H W Vaughan, said: “It was far more difficult to secure that funding than it would have been before the credit crunch, but nevertheless we did it, and I think this shows people that there’s no need to put their dreams on hold during the recession – if a business plan is sound, the funding is still there if you look hard enough.

“I’m delighted we were able to help them acquire this new home, as the business is doing very well at the moment, and the new home is making a valuable contribution to the success of the business as a whole.”

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