Arbuthnot Commercial ABL supports MBI of Neil Bomford Haulage
Arbuthnot Commercial Asset Based Lending (Arbuthnot Commercial ABL) has structured a £3.5m receivables finance facility to support the management buy in (MBI) of Lochace Ltd, trading as Bomfords Group, a well-established Norfolk-headquartered national road haulage and logistics company.
Founded in 1980 with just two tractor units and four open flat trailers, the company has quickly grown its fleet to over 150 trailers and 90 vehicles, becoming one of the most successful operators in the rapidly growing express pallet delivery market.
Arbuthnot Commercial ABL gained a detailed understanding of the deal from both vendor and acquirer perspectives and delivered the quantum of funding required within the tight timelines set for deal completion. Not only did the facility support the MBI transaction, the revolving funding line also provides a constant flow of working capital with the flexibility to grow with the business.
The acquirer, Howell Gordon Ltd, plans to build on the successful growth trajectory of this established business. The balance of funding was provided by the MBI team and IW Capital Ltd, a leading provider of debt and equity investment.
Ian Howell, CEO at Howell Gordon Ltd, commented: “Arbuthnot Commercial ABL has been great to work with. Their team not only supported the acquisition but also continues to play a critical role in delivering on-going funding to drive our business growth and modernisation.
Arbuthnot made the entire process of acquiring the business straightforward. They invested time in understanding our business enabling them to structure a solution that is fit for purpose. They are down to earth, always available to assist with queries and easy to deal with. I have been delighted to recommend Arbuthnot to other business owners.”