Reward Finance Group and ABL Business

Bridging loan brings construction firm out of administration

Reward Finance Group and ABL Business have delivered a £965,000 bridging loan for London City Facades Ltd to bring the construction firm out of administration.

Liliana Savchuk, director of Essex-based London City Facades Ltd, bought out the company after a director’s dispute led to cash flow problems for the company, which resulted in it going into administration.

Yorkshire-based brokers ABL Business arranged the bridging loan from Reward, which enabled Liliana to clear all outstanding loans and also buy the trading premises from the administrators.

She has managed to retain all the employees and assets, as well as an order book of jobs worth nearly £6m.

Alex Beardsley, joint managing director at ABL Business, said: “Liliana had only a three-week window in which to buy back the trading premises from the administrators, so we had to introduce her to a firm who we knew could deliver on a deal with a complex and unusual background, and within tight timescales, hence the introduction to Reward.”

Liliana added: “I needed to act very quickly to meet the deadline for what was effectively a make-or break situation and I was extremely impressed by the way ABL Business and Reward sprang into action to help me get the crucial finance in place.”

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