Arbuthnot Commercial ABL completes refinance of Connaught Access Flooring as the business enters private ownership
Arbuthnot Commercial Asset Based Lending (“ABL”) has delivered a seven-figure refinance deal to support the continued growth of Connaught Access Flooring Limited (“Connaught”).
Andy Collins, Connaught Access Flooring’s managing director, recently acquired the business from AIM-listed Mountfield Plc. The flexible funding facility structured by Arbuthnot Commercial ABL, which was split equally between an invoice discounting line and a term loan, will support working capital as the business transitions to private ownership.
Founded in 1992, Connaught is one of the largest independent installers of raised access flooring products and associated solutions for commercial offices, data centres, retail and leisure venues and education providers in the UK. The business, which works for leading construction companies as well as end users, has an excellent reputation for delivering large and complex contracts, such as the flooring in Goldman Sachs’ and UBS’ headquarters buildings and St. Pancras International.
Andy Collins, managing director of Connaught Access Flooring Ltd, said: “With the funding from Arbuthnot Commercial ABL, we now have the freedom to concentrate one hundred percent on using our experience and expertise to grow the business, without the administrative and cost burden associated with maintaining a listing.”
He continued: “Working with the team at Arbuthnot Commercial ABL has proved to be a pleasurable experience. Their ‘Know Your Customer’ (KYC) visit was very thorough and the senior management team listened closely to our individual business requirements and our plans for growth. Arbuthnot Commercial ABL’s early commitment to the deal gave us confidence in the process. Subsequently, the certainty that comes with having access to the appropriate level of funding allowed us to take on the largest projects without any concerns of stopping mid-flight. I wouldn’t hesitate to recommend Arbuthnot Commercial ABL to other businesses looking to complete a transaction efficiently and without fuss.”
Andrew Rutherford, commercial director at Arbuthnot Commercial ABL, said: “Connaught Access Flooring Limited is an established business with an excellent market reputation, that has delivered in excess of 35 million square feet of raised floor installations to date since its inception. We are pleased to be working with Andy Collins to help him to deliver on his strategic growth plans. Public-to-private transactions involving UK-listed companies have become more prevalent in recent years and they demand a real focus on getting to know the client to deliver the quantum of funding that will enable and encourage the business to grow without the costs that have previously held them back.”
