We were delighted to help Spinnaker International to successfully access a £3m unsecured business loan.
Established in 1985 with its headquarters in Cornwall, Spinnaker is engaged in the development and supply of electronic cash protection systems. The company provides a wide range of secure solutions for the collection, delivery, and storage of cash.
Spinnaker were seeking finance to facilitate the repayment of shareholder loan notes and to fund future growth. Part of our assessment was to ascertain potential working capital movements which could impact the business. This was borne out as the business had an order from a key client who was waiting for a license accreditation. This took 4 months longer to receive due to regulatory constraints. The prolonged delay meant a significant amount of revenue was pushed back by a similar timeframe with a knock-on impact on Spinnaker’s working capital.
With our support, Spinnaker applied for finance to cover its funding needs including working capital requirements. This was achieved through a £3m unsecured business loan from Caple which allowed Spinnaker to continue with its R&D programme to develop new products and to continue with its recruitment plans as part of its overall growth strategy.