Rimstock PLC – Refinancing of banking facilities

“The team from Friend LLP helped Rimstock to present our business to external parties in an accurate, confident and professional manner.   The work ethic was tireless and the advice and skills available to hand was of the highest quality, through what was a very involved and difficult process of negotiations.”

Stephen Lane – Managing Director of Rimstock plc

The Transaction

• Rimstock plc, the only manufacturer and supplier of high-performance alloy wheels in the UK, has undergone a full refinancing of its banking facilities, which include a CID facility and mortgage.
• Rimstock were advised by Friend LLP throughout the transaction process.
• Facilities were transferred to Yorkshire Bank from another high-street bank.

The Objectives

• To ensure stable financial resources for the business going forward
• To ensure that Rimstock were with a bank which understood the newly adopted strategy of diversification into niche markets and which wanted to support the automotive sector in the West Midlands
• To help the company grow and expand into the new markets that it has identified.

How Friend LLP helped

• Negotiating with the incumbent bank and their advisers, with a view to remaining with them if they could demonstrate a shared vision with Rimstock.
• Developing and implementing a monthly management accounts and forecasting pack with KPIs.
• Preparing a formal business plan in respect of the future direction of the business.
• Negotiating with alternative funders to assess whether they were able to offer Rimstock appropriate banking facilities.
• Assisting with the negotiations over break fees due to the incumbent bank.
• Negotiating with Yorkshire Bank to ensure that the banking terms offered were appropriate for Rimstock.
• Ensuring that the deal completed in a difficult market.

For more information please contact Denise Friend, Georgina Clark and Mark Scotter on
0121 633 2000