Ean: Well I was made aware that Finance Durham had a fund, fit us well I thought, as soon as it was mentioned to me that was a possibility. I just thought, that's a good fit. Maven have met our expectations as an investor because they tested us they tested us in the process leading up to the investment ensuring that we had a good forecast and a good plan.
David: Parsons is a really strong business I think for three main reasons. First of all management itself, Ian Parsons is very knowledgeable upon both sectors they operate in, shipping containers and the various facets that has alongside cell storage and the importance that has to the business itself for long-term sustainable revenues. The second part of what makes it a good business is actually the market that operates itself. Parsons has a very good sales mix for providing itself with good exposure to the growth in the UK economy alongside having counter cyclical revenues coming from its self-storage business which can get revenues in both down and upside economies. Finally Parsons is a very strong business because in itself it is a stable business it is a very good well-run business but one that has strong profits and strong revenues and therefore a really good solid base to grow from.
So one of the challenges that Ian Parsons had specifically at the beginning of this transaction was access to capital itself as I'm sure most owners of established businesses can sympathize with finding the level and the size and on the moon investment can be problematic as most traditional lenders have a certain view of risk.
Ean: Mavens funding and Business Durham have enabled us to achieve our growth ambitions because they gave us working capital, you know the brass tax it gives you more money and cashes everything in business so we were able to buy assets to put on on New Self Storage sites. But also you get the funding support and you get the advice that comes with it. To have people that can hit the ground running because they understand your business model is massive.
David: The ability is Maven is a flexible lender and the ability to invest in debt and Equity allowed us to structure transaction which would work for him and provide him the best possible foundation for success. The most important part of Maven's funding package to Parsons I would say was our ability to structure something with the size and scale that Ean required may even have been very supportive of the directions that we've taken as a business and often we've had to change those at short notice because businesses that adapt are the ones that survive and succeed