Burdens secures funding for expansion plans

Grant Prior 12 years ago
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Building materials supplier Burdens has secured a refinancing deal to fund future expansion.

Burdens worked with investment company a2e Venture Catalyst to move from its current lender and arrange a new £81m loan facility.

GE Capital has provided £65m and Lloyds Banking Group £16m with additional clearing facilities from Co-Op Bank.

Burdens has a turnover exceeding £350m with over 1,100 employees based out of 50 distribution depots throughout the UK and overseas.

CEO 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 send a clear message to the market that the company is ready for the challenges of the future.”

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