Arbuthnot Commercial ABL has provided a £12m asset-based lending facility to support Sullivan Street with the acquisition of ISS Facilities Services.
Following the successful acquisition, the new business will be called Tivoli Group Limited.
The facility has provided funding towards the purchase consideration in addition to ongoing working capital to accelerate growth.
The funding facility comprises both a plant and machinery term loan and a revolving confidential invoice discounting line.
This deal comes just two weeks after Arbuthnot Commercial ABL provided OSET Bikes with a working capital facility to power its rapid business growth.
Tim Hawkins, managing director at Arbuthnot Commercial ABL (pictured above), said that its ability to understand the business objectives and the asset – as well as its speed and certainty of execution – was integral to this transaction.
“Asset-based lending has come to the fore in this transaction as it offered the ideal vehicle to create the substantial funding needed to enable the acquisition, and to provide the headroom necessary to fuel business growth.
“We’re passionate about establishing long-term partnerships and we wish Sullivan Street and the management team of Tivoli Group every success for their future growth.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Wyelands Bank completes $12m trade finance deal
Wyelands Bank has provided a trade finance deal for Canon Garth worth up to $12m annually...
The UK's SME productivity challenge
There are many millstones hanging around the neck of Britain’s economy in early 2019...
Metro Bank, Starling and ClearBank awarded £280m of funding
Metro Bank has secured £120m in funding from Banking Competition Remedies Limited (BCR)...
Falcon Private Bank to discontinue UK operations
Falcon Private Bank has decided to discontinue its UK operations and sell the assets of its London-based subsidiary, Falcon Private Wealth Ltd, to Dolfin Financial (UK) Ltd...
Revolut CEO calls for specialised tech visas
Nik Storonsky, CEO at Revolut (pictured above), has called on the UK government to introduce specialised visas for technology professionals...
Aldermore appoints new head of intermediary distribution
Aldermore has appointed Nick Parker (pictured above) as its new head of intermediary distribution within its retail mortgage business...
Ipswich Building Society to develop enhanced savings proposition over next two years
Ipswich Building Society has confirmed that it will develop an enhanced savings proposition over the next two years, with a focus on both digital and face-to-face services...
BTR: Tenant poacher or happy bedfellow?
The sand has been shifting so much under the feet of private landlords that many may believe they are becoming an endangered species...
Paragon bolsters asset finance team
Paragon has appointed Jan Greenhalgh as head of new business within its asset finance division...
Gatehouse Bank appoints new director
Gatehouse Bank has appointed Roger Evans (pictured above) as its new director of home finance distribution...
Rob Lankey to join Shawbrook as director of commercial investment
Shawbrook has announced that Rob Lankey (pictured above) will join as its new director of commercial investment at the end of February...