Birmingham corporate finance firm acts on £10m funding deal

Birmingham-based corporate finance firm Transcend has advised on a £10m funding deal for a client in the infrastructure and groundworks sector.

Hall Capital has injected the funding into Wiltshire-based John O’Flynn Developments.

Transcend’s Industrial Products team, led by Ian Curtis, provided advice on the deal to managing director, Alf Hambidge, and newco entity, Flynn Group Ltd.

The Transcend team of Mr Curtis and Harry Chen acted as lead corporate finance advisers to the Flynn Group, for whom legal advice was provided by Duncan Sykes, Chris Cook and Tim Young at Foot Antsey. Debt facilities for the deal were provided by Brian Tooker and Kevin Goodhall at Allied Irish Bank (GB), while other advisers included SpencerGardnerDickens (financial due diligence and tax structuring) and Gunnercooke (legal advisors to the vendors).

John O’Flynn Developments provides infrastructure and groundworks services to a growing number of housebuilders and developers throughout the South West. Incorporated in 1975, the company has seen year-on-year growth, and has capitalised on the high demand from the residential market.

The firm is headquartered in Swindon and has a current annual turnover of £50m.

Hall Capital’s majority investment backs the management team, led by Mr Hambidge. The investment will accelerate growth plans, both organically and through acquisitions.

Transcend director, Ian Curtis, said: “There are significant opportunities for further growth as recent structural change provides the opportunity for accelerated expansion.”

Mr Hambidge, said: “John O’Flynn Developments has grown considerably in recent years, as customers utilise our company’s services, enabling them and ourselves to increase output. The investment from Hall Capital provides us with the platform to accelerate growth and expand our coverage.”

Bill Hall, of Hall Capital, said: “I have worked with Ian Curtis on several previous deals and, having identified John O’Flynn as a key business growth opportunity, I had no hesitation in teaming up again with him and Transcend to help effect this deal. It has been quite a complex transaction and Transcend supported us all the way.”