Floorcoverings group opens £15m war chest after funding deal
A floor coverings group has secured a £15m war chest to support its bid for expansion.
Carpet & Flooring (Trading) which has 11 sites including one in Manchester has been backed by a £15m asset-based lending facility from Secure Trust Bank Commercial Finance, a subsidiary to Solihull-based challenger bank, Secure Trust Bank.
The funding will be used to support strategic acquisitions.
It was acquired in February 2017 from SIG by transformational private equity investor, Endless, which specialises in acquiring non-core assets from larger corporates.
The new funding will enable the business to pursue strategic acquisitions and support new branch openings.
Lisa Tomlin, Carpet & Flooring CEO, said: “We are delighted to have secured this additional funding from Secure Trust Bank which will support us as we deliver organic growth and pursue targeted acquisitions. The business is now in an excellent position and we’re pleased to be working with Secure Trust Bank on the next phase of our plan.”
James Hodkinson, Chief Operating Officer at Secure Trust Bank Commercial Finance, added: “Lisa and her team have a very clear strategy for where they want to take Carpet & Flooring over the next few years and we’re really pleased to be playing our part in supporting both the company and Endless to achieve their ambitions for the future of the business.”
Rob Jones, Northern Head of Debt Advisory at EY provided Carpet & Flooring with transaction support. Walker Morris (Peter Considine and Catherine Raftery) and Addleshaw Goddard (Simon Prendergast and Lauren Priest-Stephens) provided legal advice to the company and Secure Trust Bank respectively.