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.”