Refinancing for the future at Burrows Home Comfort

The consultancy helped Burrows Home Comfort secure £1,000 a month cost savings on its finances.

Central Finance raised a six figure sum for Burrows Home Comfort, following a management buy-in, to clear previous loans, reduce interest rates by 5%, provide cost savings of £1,000 per month and, ultimately, reinvest in the future.

Central Finance – an independent and fully FCA-regulated commercial financial services provider with offices in the Black Country, Birmingham and Worcestershire – sourced the six figure finance package through Funding Circle, the largest peer to peer funder in the UK.

Burrows Home Comfort, a long established home improvement business with domestic and commercial clients including Carillion and housing organisations such as WATMOS Community Homes, is now headed by managing director Steffan White following the buy-in.

Steffan said: "After the management buy-in, I went through the business accounts, plans for the future and ultimately our forecasts and it was clear we could reduce our costs and our finance to better plan for the future.

"Refinancing is not something I thought was possible, especially freeing up £1,000 per month by accessing a much better interest rate and payment term.

"Already, the cost savings have freed up enough capital to invest in a new bespoke, mobile ready website and new marketing material to focus on our sales and marketing."

Steve Harris, director at Central Finance added: "Working with Steffan at Burrows Home Comfort after the MBI to reduce their costs significantly, realising a saving of £1,000 per month and ultimately providing tens of thousands of pounds over the term to reinvest in sales and marketing has been rather rewarding."

"Many businesses use finance to develop their service offering, whether that's asset finance to purchase machinery or whether it's for something much bigger such as premises or livery, but many business owners don't realise they can refinance old loans and access much better rates and payment terms, offering significant cost savings."

"Even in a recovering and booming economy, commercial finance is a complex market and refinancing can be quite daunting for many businesses, but as a fully regulated FCA broker with a whole market solution – we can provide access to much better rates and terms freeing up cash flow to use elsewhere, just like we have done for Steffan at Burrows Home Comfort."

Central Finance supported more than 500 businesses in 2015 and raised over £30 million in grants and commercial finance, driving growth for clients and creating in excess of 200 jobs for the region.