
Arbuthnot Commercial Asset Based Lending (ABL) has provided a working capital facility to Majestic Shower Company.
The seven-figure facility will refinance the business’s existing banking arrangements to deliver more than double the quantum offered by its previous providers.
Essex-based Majestic produces premium heritage shower enclosures and has delivered prestige projects for One Hyde Park, The Lancasters in Hyde Park, The St Pancras Renaissance London Hotel, as well as the Shard’s residential apartments.
“Majestic is a highly scalable and compelling proposition as well as being a well-respected brand and we look forward to providing the level of funding and strength of relationship that will support the next stage in the evolution of this long-established, family owned business,” said Andrew Rutherford, commercial director at Arbuthnot Commercial ABL.
Majestic has a wholly owned subsidiary, Mistley, which – at a lower price point – offers access to a new market.
“Right from the word go, Arbuthnot Commercial ABL gave us the confidence that [it was] here to do a deal,” said Simon Rourke, finance director at Majestic Shower Company Limited.
“We had direct access to the people who make the decisions and the back-office support was seamless.
“We received constant contact, the process was smooth and straightforward, and they did everything that they said they would.
“We see Arbuthnot Commercial ABL as being perfectly aligned with our brand and key to our growth strategy going forward.
“The working capital provided by Arbuthnot Commercial ABL will be invaluable as we seek to progress new initiatives, with product development, production and international expansion also featuring high on our agenda.”
European Valuations conducted the asset appraisal and Bermans provided legal advice.
-
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
-
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
-
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
-
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
-
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
-
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
-
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
-
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
-
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
-
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
-
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...