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pounds 81m loan facility agreed by employee-owned firm.

Construction industry supplier WT Burdens, a family and employee owned business, has refinanced its funding capital.

Birmingham-based Burdens, working with investment company a2e Venture Catalysts, secured a refinancing of its facilities and arranged a composite pounds 81 million loan facility.

A total of pounds 65 million of the loan funding was provided by GE Capital and pounds 16 million by Lloyds Banking Group. Additional clearing facilities have been provided by Co-Op Bank.

Burdens, a well-known name in the utilities, infrastructure and construction sectors, has a turnover exceeding pounds 350 million with more than 1,100 employees based out of 50 distribution depots throughout the UK and overseas. It has also recently established a new corporate headquarters in Manchester.

Chief executive Jeremy Burden said: "Over the past few years Burdens has increased it's turnover and logistics capabilities by 100 per cent, a major achievement during what is one of the most severe recessions in the industry. Not only that it has achieved a 15 per cent 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."

Burdens, which celebrated its 80th anniversary in 2009, has an unusual shareholding philosophy where all employees own share in the business. The majority of the Burden family interest is represented by a charitable foundation.

Amin Amiri, managing director of a2e Venture Catalysts, the strategic and corporate adviser to Burdens, is credited with masterminding the funding exercise and spearheading the delicate process to completion in a short timescale. Mr Amiri added: "This was a highly successful refinancing for Burdens that will not only send a clear message to the market that the company is ready for the challenges of the future."

Burdens was advised by PwC, Deloitte and Hogan Lovells.
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Title Annotation:Features
Publication:The Birmingham Post (England)
Date:Mar 1, 2012
Words:354
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