1. ThinCats Case Studies (with testimonials)
Case Study 1 - T.G.I. CORPORATION (Cannock, Staffordshire)
Testimonial
“The speed at which the sponsors understood my business and how quickly they were able to arrange
the loan was a welcome surprise. It was ready to be drawn within 1 month of my first meeting with the
sponsors, much more quickly than I anticipated. The loan has allowed me to finance growth that the
banks were unable to support.” - Richard Joyce, Managing Director, T.G.I. Corporation
The company
T.G.I. Corporation (incorporated in 1992) imports clothing from Asia and markets and distributes them,
principally to the university market. The company has been consistently profitable since launch and has
consolidated to become the dominant supplier to the university market.
The opportunity / reason for seeking loan
Although highly regarded by its relationship manager, the bank was unable to provide finance to support
TGI’s request to increase stock levels and meet higher demand for its products.
The obstacle
TGI needed to increase stock levels and broaden its range in order to meet ever rising demand.
The deal
ThinCats lenders were able to provide £250,000 over 3 years.
On future business with ThinCats
The ThinCats funding will provide a firm basis for the business to grow. T.G.I. is a dynamic company and
we hope too that we can work together on new business opportunities in the future.
ThinCats on future business with company
With a track record of successful repayment we would welcome further opportunities working with TGI.
By that time we hope both parties will be able to consider larger deals.
Case study 2 – ARMSTRONG BRANDS LIMITED (Ilkeston, Derbyshire)
Testimonial
“Our sponsor worked with me and our team to structure a proposition that was attractive to lenders and
gave them the necessary protection whilst being acceptable to our current bankers. I was particularly
impressed with how quickly ThinCats were able to make the loan offer and the sponsors completed all
the documentation and security quickly and effectively to allow us to draw on the loan early. The
sponsors were very professional, quickly built trust and a rapport with the team here. Without their
efforts, we would not have been able to release the stock to our retail outlets.” - Julie Tattersall, Finance
Director, Armstrong Brands Ltd.
The company
Armstrong Brands Limited, formerly a division of JB Armstrong & Co Ltd, established over 50 years ago,
was incorporated in 2007. The company is a retailer of clothing and accessories and operates through 16
outlets in the UK.
The opportunity / reason for seeking loan

2. Armstrong Brands had been a successful company but found itself with cash flow problems and was
unexpectedly transferred to its bank’s restructuring team. It had paid a deposit on £86k of stock and raw
materials and needed a further c. £100,000 to complete the purchase, take charge of the order and sell
the items through its retail outlets.
The obstacle
Having expected continued support of its bank, when additional finance was withdrawn, Armstrong
required capital to release the stock.
The deal
ThinCats lenders provided £105,000 over 12 months to release the stock, complete import and sell
through retail outlets.
On future business with ThinCats
ThinCats provided a timely alternative when our bank unexpectedly changed its mind and we value the
opportunity to reduce our reliance on a single key supplier such as the bank.
ThinCats on future business with company
The obstacles faced by Armstrong illustrate a problem that has been all too common since the banks got
themselves into difficulties. It is interesting to note that ThinCats probably helped the bank as much as it
helped the Company. ThinCats lenders are also pleased with the deal and so everybody wins.
Case study 3 – JOHN CARR MOTORCYCLES LIMITED (JCM) (Alfreton Derbyshire)
Testimonial
“Our sponsor was very professional and struck up an immediate rapport with us. The whole process was
very efficient and we are delighted with the loan which will enable us to unlock the extra profit that we
know we can generate from our business.” - John Carr, Managing Director, JCM.
The company
John Carr Motorcycles Limited (incorporated in 2003) sells used motorcycles, clothing and spare parts
from its showroom. An unsuccessful venture into dealing in new bikes incurred a loss and to counter
that, JCM reverted to its core business of trading used motorcycles. The strategy worked and marked its
return to profitability.
The opportunity / reason for seeking loan
To extend their current showroom and finance additional stock
The obstacle
The company’s bank was not willing to finance expansion following the unsuccessful venture into dealing
in new bikes but JCM had reached a stage where the business needed more stock to increase sales and
return to the profitability enjoyed before the luckless new bike endeavor.
The deal
ThinCats lenders provided £75k over 3 years.
On future business with ThinCats
At a time when we needed to grow the business only ThinCats was in a position to help. It is an excellent
idea and we look forward to working with them.
ThinCats on future business with company

3. At least three ThinCats lenders know the motorcycle market very well and were quick to place their bids.
This is a good example of how lenders with personal knowledge can see beyond the statistics and
blanket policy decisions that now govern banking decisions. It is quite possible that some ThinCats
lenders will become John Carr customers!
Case study 4 – BUILDING SERVICES DESIGN (HOLDINGS) LIMITED (Corby, Northamptonshire)
Testimonial
“Interestingly our sponsor was recommended to us by a bank that couldn’t help us at the time. Our
sponsor quickly appreciated what we were trying to do as a business and backed our cause. I was
particularly impressed with how ThinCats operates, it has been the most innovative and enjoyable way
of raising finance we have experienced for some time. The sponsor was very professional and we will be
retaining David’s services again in the future” – David White, Managing Director, Building Services Design
(Holdings) Limited Ltd.
The company
Building Services Design (Holdings) Limited (“BSD”), is one of the UK’s leading mechanical and electrical
consultancy businesses. It was established over 20 years ago and employs 74 professional staff across 5
UK offices.
The opportunity / reason for seeking loan
BSD had been successfully expanding its professional staff base and office presence, when the recession
caused a decline in growth. BSD maintained their market presence and resource base through this
difficult period but a general tightening of cash within the industry put pressure on an inadequate
overdraft facility.
The obstacle
The banks were not prepared to provide any flexibility on the overdraft despite management accounts
showing the business was profitable. Other forms of funding such as invoice discounting were not
available due to the stage payment nature of the debtor book. Therefore no bank or discounter would
provide additional working capital.
The deal
ThinCats lenders provided £150,000 over 12 months to provide additional working capital.
On future business with ThinCats
We appreciate the confidence that Thin Cats investors have shown in BSD. The additional finance will be
used to support our growth out of recession and we hope to build a long term relationship with ThinCats
investors.
ThinCats on future business with company
Case Study 5 - BELL FINANCE LIMITED (Warwick, Warwickshire)
Testimonial
“I was impressed with how quickly the sponsors grasped the essentials of our business and the
comprehensive report they prepared.
The decision time was very quick, the documentation straightforward and we were delighted to have
found another funding source to help us grow. As a result of the support from ThinCats we are now able
to help our own customers acquire the capital and equipment they need to further their own
businesses.”
- Mark Durman Director

4. The company
Warwick based Bell Finance Limited provides Hire Purchase Finance (HP) and leasing to businesses
principally operating in the recycling, construction, engineering and manufacturing sectors. Established
in 2000, Bell Finance is worth £4m and has been consistently profitable for the last 10 years.
The opportunity / reason for seeking loan
Bell Finance identified an opportunity to increase its activity as the traditional larger lenders in HP and
leasing withdrew to repair their own balance sheets following the financial crisis. At the same time,
traditional sources of finance also withdrew their support for smaller leasing companies and Bell Finance
required an alternative source of funding to take advantage of the opportunity.
The obstacle
The clearing banks were not making the facilities available.
The deal
ThinCats lenders provided three loans totaling c. £250,000 over 3 years.
On future business with ThinCats
Bell Finance will be seeking further business with ThinCats lenders, probably every few months.
ThinCats on future business with company
We have a business with an excellent track record which made Bell Finance an ideal business to start our
operations with. ThinCats looks forward to a series of opportunities to help Bell Finance fund future
lease contracts.
Case Study 6 – OVAL ESTATES (Bath, Somerset)
Testimonial
“The sponsors were very professional and worked with me to structure a deal that would be attractive to
lenders. They worked quickly to produce a comprehensive information pack, complete the
documentation and arrange drawdown. The service has been excellent and, without their support, I
would have had to mothball my development plans.” - Alan Broadway, Managing Director, Oval Estates.
The company
Oval Estates Limited (incorporated in 1995) develops and builds luxury homes and commercial premises.
Located in Radstock near Bath, Oval operates principally in the South West but also has developments
near Manchester. Oval has a successful track record, an impeccable credit rating and has successfully
survived 2 recessions.
The opportunity / reason for seeking loan
Further building development.
The obstacle
The credit crunch denied Oval from obtaining additional working capital to fund further developments
and the clearing banks effectively closed their books on property lending even to creditworthy operators
such as Oval.
The deal
ThinCats lenders provided £180,000 over 12 months to allow land to be released and prepared for
development.
On future business with ThinCats

5. Based on their experience, Oval would happily seek further funding through ThinCats. ThinCats on future
business with company
We look forward to seeing the directors of Oval becoming ThinCats lenders soon.