PRIMA CLEANERS LIMITED

Funds raised

£88,570.00

Final AER

19.75%

Loan term

60 MONTHS

Deadline

2018-01-23

Micro Loan Opportunities
Buy Capital Seller's
Premium
Price Buyer's
Rate
BuyBack
£40.43 +15.00% £46.50 11.51%

About the Business

Company Name: PRIMA CLEANERS LIMITED Company Number: 08685005
Business Type: Years Trading: 3-5 years
Business Location: Ainsdale

About the Risk

Risk rating

C

Default rate

14.10%

Bad debt rate

5.04%

About the Security

Security Offered:

Personal Guarantee - PG from Mr G Davies

Est. Equity: 0.00

Fixed Asset Debenture - Fixed charge over the new assets to be purchased

Est. Equity: 50000.00

All Assets Debenture - Fixed and floating charge over the applicant business

Est. Equity: 23477.00

Risk Indicators Identified:

High Debt-to-Equity Ratio
This company has a higher than average level of company debt in relation to its equity
Low Security Coverage
The security offered on this loan is below desirable levels
Low Liquidity
This business has a lower than average ratio of liquid assets to current liabilities
Low Quick Ratio Score
The quick ratio is an indicator of a company’s short-term liquidity. The quick ratio measures a company’s ability to meet its short-term obligations with its most liquid assets

Important Files

Who are we?

New 'Transfer Bids' available for use on this loan! If you already hold a Microloan for Prima Cleaners' previous loan, you can transfer your capital on that loan across to this new loan request. Visit Your Dashboard to Transfer your bid

Prima Cleaners has raised money through rebuildingsociety.com previously. You can view their original loan application here

Visit our Website

Prima Cleaners launched our first app-based launderette 5 months ago thanks to funding from Rebuildingsociety.com members.

Since then, we have gone from strength to strength and have recently opened a second site within a student accommodation block in Manchester which is proving to be very successful.

In the past few weeks, we have been approached by a number of student accommodation developers to provide washing machines for their developments. By the end of the month, we will have secured four/five new sites requiring a total of 20 new machines.

Read more

Loan Offers

What is the loan for?

Prima will use the money to pay off our existing loan with Rebuilding Society.

We also have some short term debt of £8K and will use the remainder to fund the purchase of machines and relevant software required for our expansion to new student accommodation sites.

Why consider investing?

Prima's new cashless launderette concept is the most exciting thing that has happened to our industry for 50 years. We aim to have sixty machine sited in student accommodation within the next 12 months.

The whole system is run remotely from a back office, the key advantage of which is that we do not need to have to have staff at our sites. We can even fix the most common breakdowns remotely from our head office.

All of our machines are auto-dosed with detergent and softener, making them ideally suited to student customers.

Our system is very user friendly for the customer, which ultimately translates into more revenue.

All of our contracts with student accommodation developers are between 5 and 8 years .

Note

Rebuildingsociety.com will oversee the purchase of the new machines that are to be purchased form the proceeds of this loan.

Security

This loan is to be secured by a Personal Guarantee and a Debenture.

Mr Davies is not a homeowner and as such does not hold any personal assets

The All Assets Debenture will include a fixed charge on the new machines which are to be bought with the funds raised

DateAmountCapitalInterestReceived
25/02/2018£2,334.36£876.49£1,457.87
25/03/2018£2,334.36£890.92£1,443.44
25/04/2018£2,334.36£905.59£1,428.77
25/05/2018£2,334.36£920.49£1,413.87
25/06/2018£2,334.36£935.64£1,398.72
25/07/2018£2,334.36£951.04£1,383.32
25/08/2018£2,334.36£966.70£1,367.66
25/09/2018£2,334.36£982.61£1,351.75 (23 days late)
25/10/2018£2,334.36£998.78£1,335.58
25/11/2018£2,334.36£1,015.22£1,319.14
25/12/2018£2,334.36£1,031.93£1,302.43
25/01/2019£2,334.36£1,048.92£1,285.44
25/02/2019£2,334.36£1,066.19£1,268.17
25/03/2019£2,334.36£1,083.74£1,250.62
25/04/2019£2,334.36£1,101.57£1,232.79
25/05/2019£2,334.36£1,119.71£1,214.65
25/06/2019£2,334.36£1,138.14£1,196.22
25/07/2019£2,334.36£1,156.87£1,177.49Not Due
25/08/2019£2,334.36£1,175.91£1,158.45Not Due
25/09/2019£2,334.36£1,195.27£1,139.09Not Due
25/10/2019£2,334.36£1,214.94£1,119.42Not Due
25/11/2019£2,334.36£1,234.94£1,099.42Not Due
25/12/2019£2,334.36£1,255.27£1,079.09Not Due
25/01/2020£2,334.36£1,275.93£1,058.43Not Due
25/02/2020£2,334.36£1,296.93£1,037.43Not Due
25/03/2020£2,334.36£1,318.28£1,016.08Not Due
25/04/2020£2,334.36£1,339.98£994.38Not Due
25/05/2020£2,334.36£1,362.03£972.33Not Due
25/06/2020£2,334.36£1,384.45£949.91Not Due
25/07/2020£2,334.36£1,407.24£927.12Not Due
25/08/2020£2,334.36£1,430.40£903.96Not Due
25/09/2020£2,334.36£1,453.95£880.41Not Due
25/10/2020£2,334.36£1,477.88£856.48Not Due
25/11/2020£2,334.36£1,502.21£832.15Not Due
25/12/2020£2,334.36£1,526.93£807.43Not Due
25/01/2021£2,334.36£1,552.07£782.29Not Due
25/02/2021£2,334.36£1,577.61£756.75Not Due
25/03/2021£2,334.36£1,603.58£730.78Not Due
25/04/2021£2,334.36£1,629.98£704.38Not Due
25/05/2021£2,334.36£1,656.81£677.55Not Due
25/06/2021£2,334.36£1,684.08£650.28Not Due
25/07/2021£2,334.36£1,711.80£622.56Not Due
25/08/2021£2,334.36£1,739.97£594.39Not Due
25/09/2021£2,334.36£1,768.61£565.75Not Due
25/10/2021£2,334.36£1,797.72£536.64Not Due
25/11/2021£2,334.36£1,827.31£507.05Not Due
25/12/2021£2,334.36£1,857.39£476.97Not Due
25/01/2022£2,334.36£1,887.97£446.39Not Due
25/02/2022£2,334.36£1,919.04£415.32Not Due
25/03/2022£2,334.36£1,950.63£383.73Not Due
25/04/2022£2,334.36£1,982.74£351.62Not Due
25/05/2022£2,334.36£2,015.37£318.99Not Due
25/06/2022£2,334.36£2,048.55£285.81Not Due
25/07/2022£2,334.36£2,082.26£252.10Not Due
25/08/2022£2,334.36£2,116.54£217.82Not Due
25/09/2022£2,334.36£2,151.38£182.98Not Due
25/10/2022£2,334.36£2,186.79£147.57Not Due
25/11/2022£2,334.36£2,222.78£111.58Not Due
25/12/2022£2,334.36£2,259.37£74.99Not Due
25/01/2023£2,334.36£2,296.56£37.80Not Due
Total:£88,569.99£51,491.61