Bibby Financial Services (BFS) has provided a £6m funding line to Emprise Services Plc, a company specialising in cleaning and security services.
This follows a management buy-out (MBO) backed by Cable Capital Partners
Founded 30 years ago, Emprise employs 4,500 people across the UK. It services over 1,000 locations a day, generating a turnover of around £60 million. Its clients include Pure Gym, the UK’s largest private gym operator; Hilton Hotels, Delfont Mackintosh, Dentons, Viacom and The National Theatre.
Emprise has an average of 500 security guards working in London and the South East, with more than 3,500 cleaning operatives working nationally. The company cleans over 3.5 million square feet of leisure space and thousands of seats and workstations across Britain’s theatres and offices every day.
The current management team, led by Mark Beadle as CEO, will remain in place and Stephen Barrett, who founded the business, will continue as non-executive director.
The funding package, provided by BFS’s corporate team in Manchester, will provide working capital to enable the business to grow both organically and by acquisition.
Beadle said: “I am delighted to be able to announce our MBO and refinancing in our 30th anniversary year. Emprise has a proven track record of delivering a quality service. It’s a reputation that we’re proud of and one that we want to enhance with every single client we work with. We look forward to continuing to offer our clients a range of bespoke, highly-effective solutions.
“With the investment of Cable Capital and the financing we recently secured from Bibby Financial Services, we will drive the next phase of our growth. Keeping the same management team, our clients will continue to see high standards as always, but the additional funding lines now in place mean we can now realise our potential for the long-term development of our business, growing both organically and by acquisition.
“What attracted us to BFS was its experience in structuring finance packages and its collaborative approach to the funding. The BFS team understands our business and the sectors in which we operate, which is a huge advantage to us as we start 2017.”
Dan Burton, head of corporate (north) at BFS, who led the transaction, said: “Emprise is a company which operates on a national basis and boasts high profile clients, vast support infrastructure, and management experience.
“Given the company’s excellent track record in this sector, we are looking forward to seeing the company grow its position in the industry and partnering with them as they go.”