Independent Inspections secures £1.75m finance facility
Secure Trust Bank Commercial Finance has provided a £1.75m funding line to Independent Inspections Group, the provider of assessment and restoration services to the insurance industry.
The funding follows significant investment from growth investor Rcapital in April 2016, as the business looks to expand following a period of consolidation.
Based in Preston, the group offers consolidated claims management outsourcing services, providing expert validation for all UK insurers, covering escape of water, fire, floods and accidental damage. Founded in 1989, it currently houses three distinct brands: Independent Inspections, ChemDry UK and Ansa Drainage Solutions, with a total headcount of more than 300 and turnover of £45m.
Independent Inspections is a manager of furniture and flooring claims, with a national pool of 59 inspectors and restorers. As the group’s original brand, it has built its client base to cover the UK, Northern Ireland, the Isle of Wight and the Isle of Man, with turnover of more than £20m.
The addition of ChemDry UK and Ansa Drainage Solutions has developed the expertise of the firm, with the former offering fire and flood restoration services through its national network as a leading carpet and upholstery cleaning company. Ansa Drainage Solutions has also enabled the group to expand into new markets, offering claims management, validation and fulfilment services to insurers, loss adjusters and commercial clients.
The funding will enable the business to refinance its existing funding facilities, as well as freeing up vital cashflow as the company looks to drive growth over the coming months.
Matthew White, regional sales director at Secure Trust Bank Commercial Finance said:
“Independent Inspections has developed a strong reputation in providing assessment and restoration for the insurance industry, and the investment from RCapital has enabled it to focus on boosting its growth objectives. In order to accomplish this, the company needed a tailored and flexible finance facility in a short space of time.
“By working alongside both the existing management team and the investors at RCapital, we quickly understood the ambitious targets that the business had, and were able to structure a package capable of meeting their requirements. We are confident that with the ongoing support of both RCapital and ourselves, Independent Inspections is in excellent shape to further expand operations in the coming months.”
Chris Campbell, investment director at RCapital, said:
“When we looked to invest in Independent Inspections, the great reputation of each of their component brands, as well as the access to a strong client base, were key factors in our deal. However, we recognised that implementing a finance facility in a short space of time was crucial to driving future growth.
“The team at Secure Trust Bank Commercial Finance took the timeframe in their stride, providing us with a tailored and comprehensive package that facilitates the needs of the business. There is enormous potential for growth at Independent Inspections, and we’re confident that with our ongoing support, we can achieve this over the coming months.”
