Carpet and floor firm secures £15m ABL facility
Carpet & Flooring Limited, one of the UK’s leading distributors of floor covering products, has secured a £15m asset-based lending facility from Secure Trust Bank Commercial Finance to support strategic acquisitions.
The business has its headquarters in Redditch in the Midlands with 11 branches nationwide, including Manchester, Birmingham and Bristol. It was acquired in February 2017 from SIG Plc by transformational private equity investor, Endless, which specialises in acquiring non-core assets from larger corporates.
The new funding will enable the business to pursue strategic acquisitions and support new branch openings.
Lisa Tomlin, Carpet & Flooring CEO, said:
“We are delighted to have secured this additional funding from Secure Trust Bank which will support us as we deliver organic growth and pursue targeted acquisitions. The business is now in an excellent position and we’re pleased to be working with Secure Trust Bank on the next phase of our plan.”
James Hodkinson, chief operating officer at Secure Trust Bank Commercial Finance, said:
“Lisa and her team have a very clear strategy for where they want to take Carpet & Flooring over the next few years and we’re really pleased to be playing our part in supporting both the Company and Endless to achieve their ambitions for the future of the business.”
Rob Jones, northern head of debt advisory at EY provided the company with transaction support. Walker Morris (Peter Considine and Catherine Raftery) and Addleshaw Goddard (Simon Prendergast and Lauren Priest-Stephens) provided legal advice to the company and Secure Trust Bank respectively.