North West team instrumental in sealing £8m funding deal

Andy Pickford

Fast-growing marine fuelling business Sonan Bunkers (UK) is set to double its turnover after securing a new £8m funding facility with the support of the North West debt advisory team at FRP.

Sonan Bunkers has agreed a new 18-month ABL facility with BREAL Zeta Commercial Finance in a deal that more than doubles the value of its previous funding.

Founded in 2014, Sonan Bunkers provides physical refuelling services to commercial marine vessels out of the Port of Rotterdam.

In addition, the £120m turnover business offers a global broking and trading service for shipping clients from its offices in London, Rio de Janeiro, Athens, Singapore, Oslo and Rotterdam.

The export receivables finance facility provided by BREAL Zeta is expected to also boost the profitability of the business, with Sonan Bunkers continuing to trade well, despite a period of turbulent oil prices and global disruption caused by COVID-19.

Andy Pickford, director in the Manchester debt advisory team at FRP, said: “Bunkering is naturally a niche subsector and one that operates on fine margins.

“As such, it’s critical for Sonan Bunkers to have the right backers on board to support the next phase of their growth.

“Having explored options with a range of lenders, this deal represents an extremely positive outcome for their global team – particularly in the current climate – with the additional firepower likely to help them achieve their ambition of doubling turnover in the not too distant future.”

Ben Milner, regional business development director at BREAL Zeta, said: “We are absolutely delighted to support Sonan Bunkers with the optimal level of finance to drive its expansion.

“The platform to accelerate further profitable growth has been established and we look forward to supporting the business to achieve its future plans.

“This is an excellent example of how BREAL Zeta is backing large, complex transactions and enabling businesses to secure opportunities for growth and strengthen their positions during times of continuing economic change.”

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