Electric wholesaler gears up for growth with new funding

BEW, an electric wholesaler, has obtained funding from Shawbrook as it prepares for a new phase of growth under new ownership.

The Leicester-based firm was established in 1983 by its founders, Phil Webb and Ron Locker. It currently has 22 branches primarily in the South-East and the Midlands.

The terms of the deal, valued at eight figures, encompass a confidential invoice discounting facility that offers day one funding to facilitate the MBO. Additionally, a property loan has been extended to BEW, providing the necessary financial flexibility for the company’s growth initiatives.

John Palmer, director of structured finance at Shawbrook, said: “It was a pleasure to work with Darren and the whole management team at BEW on this deal and we are delighted to be able to support them as they continue to go from strength to strength”.

“Already an industry leader in their field, the flexible terms agreed will provide the management team at BEW with the means to facilitate their growth plans, which include potential new locations and expansion into new fields. We look forward to supporting them as they continue this journey.”