ThinCats supports Brixham-based marine services provider with £5m funding package
Marine and Towage Services Group Ltd (MTS), has secured a £5m refinance package through leading alternative finance provider for mid-sized SMEs, ThinCats.
With a history dating back to 1924, MTS is now one of the UK’s leading providers of services to the marine sector providing coastal and ocean towage services and support for the marine civil engineering and renewables sectors. The company owns a fleet of 16 versatile, multi-purpose tugs that operate in the UK, Europe, Africa and the Middle East.
Following the acquisition of a majority stake in July 2020 by Cable Capital Partners, ThinCats was approached to provide a refinance package of the existing bank debt.
Jon Parslow, MD of MTS commented “We are delighted to secure new funding facilities. The team at Thincats excelled in understanding MTS’ objectives, provided a well-structured, flexible facility, and completed a transaction in a short space of time despite the current challenges we all face during lockdown. We are now in a very strong position and plan to take advantage of growth opportunities once restrictions ease.”
Gary Nutley, senior director, business development, ThinCats: “With over 25 years’ experience in the commercial marine sector, Jon is very highly respected within the industry and has built a strong reputation based on delivering quality service. He has a very strong team behind him, and we are delighted to be able to support them with this funding.”
Thincats was supported on the transaction with legal advice from Dean Gormley and the team at Clyde & Co, with industry & valuation services from Simon Morgan of SIA Group. MTS were advised by a team led by Nicola Kirk of Gateley PLC.
