Jacobson steps out with £14m funding deal
FAMILY-owned branded footwear supplier Jacobson Group is stepping out into new markets and online after agreeing a £14m funding package.
The company based in Rawtenstall, Lancashire, which owns the Gola, Frank Wright, Ravel, Lotus and Dolcis brands has struck a multi-faceted deal with Shawbrook Business Credit.
The company, which has sales of £55m, was founded more than 80 years ago.
The £14.3m asset-based lending facility comprised a £9m confidential invoice discounting line, a £2.3m property term loan and a stock revolver of £3m.
Managing director Tony Evans said: “The timing was right for us to move to a specialist asset-based lender. Shawbrook Business Credit created a bespoke package for us that has allowed us to align our working capital with our forecasts.
“This is a complex business with direct retail and wholesale operations and intellectual property considerations. The fact that we were given access to the senior decision makers made all the difference and resulted in a swift response from initial offer to completion.
“We are a brand hungry organisation with a track record of successful acquisitions, so having the commitment of a strong, supportive funder and the most appropriate facility for our needs puts us in a powerful position.”
Advisers on the refinancing included KPMG (Guy Weaver) and corporate partner Graham Hall from law firm Shoosmiths.
Hall said: “It was a pleasure to support Jacobson Group in such an important transaction that will support their growth strategy and help take the business to the next level.”
