Commercial washroom manufacturer secures £20m debt package to fuel growth
Shawbrook has supported a Stoke-on-Trent headquartered commercial washroom manufacturer, through a £20m debt package to support the next phase of its development.
The funding is set to assist RSBP’s key subsidiaries: Venesta Washrooms, TBS Amwell, Bushboard, The Sanitaryware Company and Venesta Middle East, which provide a range of specified commercial building products.
RSBP has operated for more than 100 years in the UK, and has provided washrooms in prominent locations across the world such as the ICON Outlet at the 02, the Museum of Modern Art New York and Burj Kalifa Dubai.
Shawbrook provided a hybrid funding package, which includes a Confidential Invoice Discounting (CID), Term loan and a committed facility, which will provide the business flexibility for future growth and acquisition opportunities.
RSBP says it has delivered sustained success, even through Covid, gaining market share and reinvesting profits to expand capacity. It has also been expanding in its Middle Eastern office with Venesta Middle East, becoming a market leader in the UAE.
Martin Rees, Jon Sherry & Daren Wallis, RSBP’s three Directors, issued a group statement: “We were looking for a Bank that had a clear understanding of our business model and marketplace to enable us to develop opportunities; therefore, we sought a relationship-based bank. It was clear from our initial meeting and throughout the process that the progressive Shawbrook team would help us on the journey and be supportive of our group through its next phase of growth.
“We explored various ABL structures, but ultimately, Shawbrook’s flexible hybrid funding package proved compelling. The team made the experience as seamless as possible and provided a fit for purpose, all-year-round funding facility which will help us achieve our goals.”
Amy Beasley, Director Corporate Lending at Shawbrook, added: “RSBP Group is backed by fantastic operators who have continually impressed us throughout. We’re proud to be able to support the business in the next phase of its growth journey and look forward to seeing what they are able to achieve.”
Vicci Baker at Pinsent Masons acted for Shawbrook. Harry Bengough at Harrison Clark Rickerbys acted for the RSBP. Crowe provided financial due diligence for Shawbrook.
