On an advisory deal, you pay bizbritain nothing unless a lender on our panel issues an Agreement in Principle (AIP) and you sign our engagement letter. The retainer is payable when you sign, and it's non-refundable once paid. The success fee is payable only on drawdown, less the retainer. Start Up Loans and simple deals carry no fee to you.
Step by step
- Before an AIP: nothing to pay.
- A lender issues an AIP: we send you our engagement letter. If you don't sign it, you owe us nothing.
- You sign: the retainer shown in the letter is payable. It's credited in full against the success fee.
- Your facility is drawn down: the success fee is payable, less the retainer you've already paid.
Is the retainer refundable?
No. It's non-refundable once paid. You only pay it once a lender has issued an AIP and you've chosen to sign, and if your facility draws down, it's credited in full against the success fee.
If your deal doesn't happen
- No lender issues an AIP: nothing.
- A lender issues an AIP, but you don't sign: nothing.
- You signed, but no credit-approved offer follows, or all lenders decline: the retainer only.
- You signed, but the deal doesn't complete for a reason other than your decision, such as the seller or the lenders withdrawing: the retainer only, with no abort fee.
- You signed, a lender issued a credit-approved offer, and you decide not to proceed: growth finance, the retainer only. Acquisition finance, the retainer plus a capped abort fee.
- Simple, commission-funded deals: nothing, whatever the outcome.
Abort fees: acquisitions only
An abort fee applies only if you've signed our engagement letter and then decide not to proceed after a lender has issued a credit-approved offer.
- Stage 2, after the first credit-approved term sheet or offer, before the legal phase: 0.5% of the credit-backed facility, capped at 33% of the success fee.
- Stage 3, in the legal phase after heads of terms: 1.0% of the credit-backed facility, capped at 50% of the success fee.
The caps apply to the percentage charge. The retainer is payable in addition. There's no abort fee if no lender issues a credit-approved offer, or if the deal doesn't complete for any reason other than your decision not to proceed. Start-up and growth finance carry no abort fees.
A worked example
On a £1,000,000 acquisition facility (success fee £23,750, retainer £2,500):
- The deal completes: £23,750 in total, the £2,500 retainer plus £21,250 on drawdown.
- You decide not to proceed at Stage 2: £7,500 in total (the retainer plus 0.5% of the facility).
- You decide not to proceed at Stage 3: £12,500 in total (the retainer plus 1.0% of the facility).
- No AIP, or you don't sign: nothing.
- You signed, but no credit-approved offer follows, or the seller or the lenders withdraw: the £2,500 retainer only.
See What is the abort fee, and when does it apply?
Start Up Loans and simple deals
There's no fee to you at any stage. See Is bizbritain paid for Start Up Loans? and When can a lender pay bizbritain?.
Engagement letters signed before 10 October 2026
They continue on the terms of the signed letter.
Last reviewed: 10 October 2026