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A lot of people are running scared in the current credit crunch– and for good reason – but the deals are still there to be done, says Roger Hinchliffe, who heads Pearson Hinchliffe's Company Law team.
He was speaking after helping one client in the facilities sector to secure £1.5 million development funding, and another in the electronics business to borrow to finance a takeover.
“There is a perception throughout commerce that the banks are not lending money,” said Mr Hinchliffe, whose company recently moved to refurbished headquarters at Hollinwood Business Centre, Oldham, Greater Manchester. “But the second case, in particular, underlined what is going on in the real economy.
“One bank did tell my client that it was not lending at all at the moment, but concentrating on getting in money from earlier loans. But we found other banks that were perfectly happy to lend a sizable sum to finance an exciting business expansion.
“Sectors like retailing are suffering hard, and some banks really are under stress. But others are still lending,” he concluded. “There is money out there for the right deals, and a huge amount of business to be done.”
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