NatWest agrees upsized £45m ABL facility
Seeking to refinance their existing asset-based lending (ABL) facilities with an upsized debt solution to support the next phase of their successful growth strategy, QUBA Solutions turned to NatWest to help structure a suitable debt package.
New to the bank, the NatWest deal team explored QUBA Solutions’ growth strategy and resulting short- and medium-term financing requirements with them. Based on these conversations and following a competitive process with three funders progressing to final offers, NatWest won the mandate – replacing the existing lender – and agreed a new £45m back-to-back asset-based lending (ABL) facility with a further £5m uncommitted accordion.
Debt package reflects NatWest’s purpose to champion potential
Paul Tonks, QUBA Solutions, said: “We are very pleased to have agreed this upsized and bespoke back-to-back facility with NatWest which will fund the next phase of our organic growth and in turn help support numerous smaller recruitment companies. We thank the NatWest team for their support in structuring this debt package, their smooth and swift delivery, and the excellent collaboration.”
Richard Preston, NatWest, commented: “As the UK’s biggest supporter of businesses, we are delighted to help QUBA Solutions and the wider recruitment industry to thrive. This transaction is another example of how multiple specialist teams within our bank can work closely together to deliver the best outcome for the customer.”
