Invoice finance deal to support acquisition led growth strategy
Bibby Financial Services (BFS) has provided a £9m Group funding facility to support the re-finance of Currie European Transport Ltd, a transport and storage solutions group made up of seven trading companies across Scotland, England, the Netherlands and France. The group, which is headquartered in Dumfries, Scotland, is using the funding to support an ambitious acquisition-led growth strategy.
The funding included a £1.5 million Confidential Invoice Discounting facility to support the acquisition of Laser Transport International Ltd, a haulage company based in Kent with a turnover of £18m, bringing the Group’s total turnover to £75m.
BFS was introduced to the business by Robert Stewart of Generis Corporate Finance LLP who was very influential in driving the deal forward and managing all the external stakeholders. The BFS team also worked with Stephen Turner, the Group’s Managing Director, and his management team to guide the business through considerable legal, geographical and technical complexities.
The facility has already allowed the successful acquisition of Laser Transport International Ltd, and the increased working capital will support Currie Group’s continued growth plans across the UK and Europe.