The funding line was supported by investment specialists, Rcapital, who saw BFS as the financial partner of choice.
David Lilley, group managing director, Thornhill Group said:
“We’re ambitious about our future growth and we needed a funding partner that shared our vision. BFS have experience with both MBOs and specialist businesses, so we’re delighted to work with them.
“Following the funding line, we can now look to emphasise our manufacturing output and supplying our goods both domestically and overseas.”
David McIntyre, corporate manager at Bibby Financial Services said:
“With a strong reputation amongst blue-chip customers and a robust business model, Thornhill Group is embarking on the next chapter of its growth story. The funding facility we have created allows Thornhill to fund contractual and conventional debt and therefore provides a firmer footing for growth.
“It has been a pleasure to have worked closely with Rcapital to create a bespoke funding package which facilitates the expansion and growth of the Group’s established business divisions in Grimethorpe, as well as its service division in Blaydon and the rail division in Atherstone.”
Chris Campbell, investment director, Rcapital Partners LLP commented:
“BFS are an experienced financial services provider with expertise in specialist and niche businesses. The corporate team were able to structure a funding package that was flexible, tailored and suited the Thornhill Group’s operations.
“It has been a pleasure to work with them on supporting this ambitious business and I look forward to hearing about their future success.”
Thornhill Group was introduced to Rcapital by PriceWaterhouseCoopers, with due diligence provided by KPMG. BFS were advised by commercial law firm, Bermans.