Turnaround Finance: CASHLESS PARKING SYSTEM

BUSINESS TYPE:	CASHLESS PARKING SYSTEM
LOCATION:	LONDON and NATIONWIDE
TOTAL NEW INVESTMENT:	FIRST PHASE RAISED CIRCA £200,000

From an introduction by HSBC we met with and were engaged by the Chairman of this company in 2006 to seek urgent investment. They have the rights, in perpetuity, to market a fully developed cashless parking brand in the UK and Eire and urgently needed investment to fund it’s development.

Although all the potential investors we have met in the course of seeking funding for this opportunity and everybody else we spoke to about this highly user friendly method of payment for both ‘on-street’ and ‘barrier’ parking loved the idea and felt that inevitably “someone was going to bring this in sooner or later”, it has proved difficult and long winded to obtain commitment from investors. However, we are now delighted to announce that after a series of meetings a small private equity fund, are taking a majority stake in the company and are committed to developing the brand and rolling out this service throughout the UK.

Although this has not been the quickest funding ever obtained by Beer & Young Ltd it perhaps demonstrates our long term commitment to our clients and a determination to get the job done as well as a readiness to fight to help prevent the failure of a potentially good business.

We were recommended by our bank HSBC to approach Beer & Young Ltd due to their reputation in obtaining turnaround investment for companies with a good business but a lack of working capital.

We were quickly put in front of several investors who all liked the concept, but it took a little while to find the right partner. However, we would praise Beer & Young for their determination to see this through and save us from extinction. We now have an investor with all the financial and management resources and skills needed to fully develop and roll out this brand throughout the UK, so look out for the signs in your local parking areas soon !!'

JC, Chairman