Until recently, Rawcliffes The Schoolwear Specialists was the main brand of Cheatles Ltd. But when the company’s bankers belatedly refused to grant the usual seasonal increase in overdraft facilities, the retailer was forced into administration.
Fortunately, a management buyout team, trading as Newplan Solutions, was keen to acquire 12 branches and 15 in-school shops from the administrators – and asked Reward to come up with the funding. We provided £1.6 million in Business Finance against a combination of stock and fixed assets.
Our speedy support for this transaction helped safeguard the future of the Rawcliffes brand, and with it, 80 jobs. As Martin Heatlie, Director at Newplan Solutions, explained: “Reward’s rapid support has ensured that we will continue to deliver a profitable business at the heart of the communities we serve, and enables us to continue to provide employment in these key locations.”