BEF Dig in
BEF help social enterprise
Anzeck Biodegradeable
Anzeck Biodegradeable Plastics are a leading manufacturer of green packaging solutions to a wide range of industries. They have been trading in the Bradford area for over twenty years, and have won a number of awards for their excellent service and products.
The company had no debts other than their overdraft and owned buildings valued in excess of £1 million. However, when the credit crunch struck, some long established clients started taking longer to pay their bills. Also, because of the increase in oil prices, Anzeck had to start bulk-buying plastic at inflated prices. Consequently, their overdraft facility became an essential life-line. Still, their bank of 15 years sliced £30k from their overdraft facility and started charging 29% for amounts exceeding the reduced overdraft facility. Moreover, despite the introduction of the new Enterprise Finance Guarantee, the bank would not consider converting the overdraft into a loan. The owners did not know what to do and they approached us for help.
The Business Enterprise Fund established Anzeck’s financial position, helped restructure the business and the debt, put in place a cost reduction programmes and streamlined its operations. We also provided Anzeck with a loan of £70k to service existing orders and arranged for the company’s forecasts to be presented to a number of other banks, all of which offered them a vastly improved overdraft facility.
Through the intensive support provided and the assistance to improve their productivity and efficiency, Anzeck have now been able to source mainstream lending and our loan has been repaid.
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