Bank completes £60m facility to ensure pharma group’s ongoing growth
The Manchester office of Secure Trust Bank has concluded a comprehensive financing package to support Converse Pharma Group in the execution of its business plan.
The bank has provided the group with a £50m asset based lending facility. A further £10m debt facility has also been secured to increase working capital requirements.
The group appointed Teneo as its financial adviser in September 2021, to assist with raising new capital and/or debt financing facilities to re-capitalise its balance sheet and provide a solid platform for the future.
Converse Pharma Group CEO, David Horry, said: “This is really great news for the group and its employees across our businesses in the UK.
“The management team is confident that this combined funding package will provide the group with a stable platform to continue developing and growing the business.
“We are delighted to have agreed lending facilities with our financial partners, and look forward to building strong relationships in the future.”
Paul Johnston, regional managing director at Secure Trust Bank Commercial Finance, said: “We worked closely with the management team to understand its growth plans and created a flexible facility to support this.
“The commitment of the Converse management team is clear and we look forward to working with the company to support its plan in 2022 and beyond.”
Converse Pharma Group is based in Doncaster and operates 11 sites around the UK, employing 900 staff.
It has seen significant growth in both turnover and profitability since the 2013 MBO with group turnover increasing to £332m in the year ended March 31, 2020.