BFS provides £6.5m funding package

Published on

Bibby Financial Services (BFS) has completed a £6.5m construction finance facility with Enigma Industrial Services to support its acquisition of Interserve Industrial Services (IIS), a £67m turnover business.

The specialist finance package facilitated the purchase of IIS – a trading division of FTSE 250 business, Interserve PLC – and provides ongoing working capital to Enigma.

IIS was formerly part of Interserve’s Support Services Division. Its customers include several large blue chip national and international property developers.

Glen Webley, group chief executive officer of Enigma Industrial Services Limited, said: “This is a new venture for our team. We found Bibby Financial Services to be exceptional in their approach.

“Their flexibility and willingness to assist us in achieving our desired outcome, gave us the confidence that we require from a lender and the confidence to move forward knowing we are fully supported.”

The deal, which was led by Steve Nixon, corporate manager and Paul Fraser, specialist sales director, was turned around in three weeks.

Fraser said: “Our experience in construction finance is unrivalled and our relationship-based approach, flexibility and speed have enabled us to structure a funding package that will both support the acquisition of IIS, and provide ongoing working capital for Enigma.”

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Newcastle for Intermediaries adds three-year fix range to mortgage offering

Newcastle for Intermediaries has introduced a new range of three-year fixed rate products. It said...

Mortgage product availability surpasses 25,000 for the first time

The number of mortgage products available in the UK has reached an all-time high,...

ASG Finance launches loan for HNW investors

ASG Finance has introduced its latest funding initiative: the ‘Base Rate Beater’ secured investment...

Other news

Why it matters that bridging hit more than £10bn last year

We see many numbers bandied around in the financial industry, which can sometimes have...

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Newcastle for Intermediaries adds three-year fix range to mortgage offering

Newcastle for Intermediaries has introduced a new range of three-year fixed rate products. It said...