Bibby provides £7m finance package to retail and brand service business to support acquisition
Bibby Financial Services (BFS) has increased its funding support for MPL Home – a multi-disciplined business supplying goods such as textiles, electricals and branded goods to some of the world’s biggest retailers – to support the acquisition of another business.
MPL Home, based in Hemel Hempstead, has a rich history spanning back to 1946. Since 2008, the business has seen exponential growth, now operating multi-nationally across Europe and North America. The business provides a one stop solution for some of the biggest retailers across the globe – spanning from the design of goods to their market launch, and all the details in-between, from influencer marketing to IP protection.
Following the provision of an initial £5m invoice discounting facility in June 2020, BFS has now provided an additional £2m funding line, to support MPL’s parent company, Senza in the acquisition of Bloomsberry Limited, a retailer specialising in British designed artificial floral products.
Paul Rosen, CEO at MPL Home said: “Unlike other funders, BFS were able to recognise the significant growth opportunity presented to us and were able to provide additional funding to support the acquisition of Bloomsberry by our parent company, which undoubtedly enabled the transaction to take place.”
Ashley Weddle, relationship manager and Jenifer Crook, assistant corporate manager from BFS’s corporate team led on structuring a new financing solution, to provide ongoing cashflow, in addition to a new injection of working capital to support the transaction.
Ashley Weddle commented: “MPL Home is a fantastic business, with a strong management team and an impressive customer-base. Having previously structured a bespoke £5 million Invoice Discounting facility, we understood the business inside out, so we were delighted to increase our funding to £7m to aid the parent company’s acquisition of Bloomsberry. MPL Home, and now the wider group, is on a really positive trajectory, and we are excited to continue to support them into their promising future.”
Paul Rosen, CEO at MPL Home added: “We have been consistently impressed with BFS’s approach, which is both flexible and future focused. The team really got to know our business to structure a finance solution that works for us both now and in the future, providing us with the flexibility we need to focus on growth.”