Burdens seals £81m refinancing
CIVIL engineering support business WT Burden has completed an £81m refinancing with GE Capital and Lloyds Banking Group.
The Manchester-based £350m turnover group, which is owned by the Burden family and its employees, was advised by a2e Venture Catalysts.
The £81m loan facility was provided by GE Capital, £65m, with £16m from Lloyds. Additional clearing facilities have been provided by Co-Op Bank.
Burdens, which was founded in Birmingham more than 80 nyears ago, employs more than 1,100 employees nationally at 50 distribution depots.
Chief executive Jeremy Burden, said: “Over the past few years Burdens has increased it’s turnover and logistics capabilities by 100%, a major achievement during what is one of the most severe recessions in the industry.
“Not only that it has achieved a 15% rise in sales in 2011/12. With further growth anticipated, we wanted to choose funding partners that would understand our unique business model and provide the necessary support to us as opposed to hindering our progress. We are delighted that with GE, Co-Op and Lloyd’s support we can achieve our corporate goals,”
“As a national company, based on our unique business model, we can now look forward to implement the next phase of Burdens strategic development with supportive funding partners.”
Amin Amiri, managing director of a2e Venture Catalysts, added:“This was a highly successful refinancing for Burdens that will not only send a clear message to the market that the company is ready for the challenges of the future.”
Burdens was advised by PwC, Deloitte and Hogan Lovells.
