Fundamentals Limited secures £2 million CBILS funding with the support of Shaw & Co
Shaw & Co, the specialist corporate finance advisory firm is pleased to announce that it has helped existing client, Swindon-based Fundamentals Limited (Fundamentals) to secure a £2 million emergency CBILS loan from Lloyds Bank.
As a result of COVID-19, Fundamentals Ltd, the leading manufacturer of voltage control solutions for the UK’s Power Grid, started to experience a significant interruption to its previously thriving business. In addition it needed to continue to invest in both its workforce and future R&D to avoid further negative impact beyond the pandemic.
Shaw & Co helped the company to identify, and secure, a CBILS loan adequate to cover its anticipated working capital and pre-crisis investment needs over the next 12-18 months. With appropriate working capital headroom in place the business will now be well placed to fully withstand the current and anticipated medium-term economic hardships.
To allow Fundamentals' owners to focus on running the business, Shaw & Co supported and streamlined the application process and led successful negotiations with the proposed, and ultimately the actual lender, Lloyds Bank who subsequently approved the £2m loan.
This loan will enable Fundamentals to maintain its strong UK presence with its core product and service offering. The funding will also enable the Company to carry out its planned expansion overseas and the product and service development required to maintain its pre-eminent market positioning.
Jon Hiscock, Managing Director, Fundamentals commented: “Shaw & Co did a fantastic job for us and we are very pleased we engaged their great team to help us with our CBILS application. The team acted professionally but with a personal touch which provided great comfort and confidence. They took the main burden of the project, allowing us to focus on our business safe in the knowledge that their clear expertise would maximise chances of success”.
Jim Shaw, founder and CEO of Shaw & Co, added: “This was an interesting challenge for us. Fundamentals is a classic victim of the current pandemic; a successful, market-leading business that has been adversely affected by circumstances beyond its control. But, with the benefit of the right level of interim financing they will emerge from this economic hardship ready to face the challenges of the next decade and beyond. We were delighted to be able to help them achieve this critical objective.
“I would also like to thank the team at Lloyds Bank for recognising the potential in Fundamentals and supporting them swiftly in their hour of need.”
Emilie Vallauri is a 27-year-old program manager at Techstars with a passion for innovation. Born and raised in Nice, France, Emilie studied business and political sciences before embarking on a career punctuated by innovation and supporting startups.
Zsuzsa has been instrumental in growing Antavo from a startup to a scaleup. As Chief Strategy Officer and co-founder, she is transforming the company into a unique loyalty technology vendor, offering a next-gen, best-in-class solution to the loyalty sector.
Software engineering and product development is my specialisation - and I have had a wide range of experience across the industry. I had a brilliant 22-year long career at IBM, working across a number of roles, which I really loved.
Holly Zoccolan is an entrepreneur and Founder of new parenting app, Carol. Before Founding Carol and entering the tech space, Holly built successful online wellness brand The Health Zoc in 2016.
Anna Gudmundson is the CEO and co-founder of Sensate, a device that emits infrasonic waves that are synchronised to resonate with the specially composed hemispheric audio in the app.
Rebecca is Senior Vice President of Clients, Partnership and Creative Transformation at CreativeX, provider of an industry-first AI driven data platform to help the world’s most loved brands including PepsiCo, Nestle and Facebook achieve creative excellence.
Bitcoin, the digital currency conceived in 2009 by the mysterious Satoshi Nakamoto, is a financial phenomenon. Despite the volatility of global markets, it has demonstrated remarkable resilience.