We were first contacted by William & Judith Brown on the 14th of December 2005 and they were in trouble.

In January 2003 they purchased a 25 year lease of the Ferry Inn on the Isle of Skye. At the same time they also negotiated an option to purchase the freehold, the expiry of this option was set as January 23rd 2006.

To further complicate matters all historic profits had been ploughed back into the business and; apart from their original cash contribution back in 2003, they had no meaningful available funds so we had to raise 100% of the purchase price.

During our original discussion we learnt that their own bank had rejected their application, Christmas was looming and they were facing the real possibility that the option date would expire. To add to their miseries, should they fail to complete on time a rent increase would be triggered to boot.

Alistair Saddler the manager of our Edinburgh office, quickly collated all the information he needed to move forward. The race was on.

Despite the protracted Christmas break, the funding was agreed by our chosen lender on the 6th of January. The offer was for just under 104% of the purchase price - the additional funds were to assist with the costs of purchase.

The transaction still had to complete. We had just 10 days to receive and approve the loan documentation, solicitors to be instructed by the bank, and to work through any lending conditions so that funds could be released.

On the 23rd of January a very relieved partnership became the owners of not only the business, but their destiny.

Alistair Saddler commented, “Right from day one I knew this was a mammoth task at any time of year, but with Christmas looming I feared it would be touch and go. I chose the lender with care which was not only based upon the quality of the final facility, but also one I knew would pull out all the stops for us.

Despite the kick back from their own bankers, my clients stepped right up to the plate and quickly produced any information that either I or the lender required” he added. “We got there with only hours to spare, a great race and a great result”