Arbuthnot Commercial Asset Based Lending (ACABL) has completed a £2.5m refinance facility to provide Abbey Pynford Limited (Abbey Pynford) with additional liquidity as it embarks on further growth.
The structured funding package, which comprises a revolving receivables line and an RLS term loan, will enable the business to bridge the working capital gap as it continues its growth trajectory.
Based in Luton and founded in 1988, Abbey Pynford designs and installs patented engineered foundation systems and underpinning solutions for the new build developer market. The business has an in-house design team, comprised of structural and geotechnical engineers, who create underwritten design solutions.
Nick Kenny, finance director of Abbey Pynford, said: “We have a fantastic foundation system with a patented design that allows developers to go from breaking ground to ‘golden brick’ 70% faster.
“The team at Arbuthnot Commercial ABL brought in-depth knowledge and understanding of the construction industry to the deal. They were able to structure a revolving receivables line based on a higher prepayment, in addition to the RLS facility, accelerating the receipt of cash to fund the payment gap and providing us with surplus liquidity to drive our growth.
We spoke to several different lenders and Arbuthnot Commercial ABL was in tune with the way our executive could see a long-term funding relationship working. Their team understands the pressures and challenges we face in our industry.
“As a business, we pride ourselves on delivering and can see that same quality in Arbuthnot Commercial ABL. It is great to be working with a bank that you know has your back. We have nothing but praise for everybody involved in the deal, and we are excited about the future of the business with our new funding line in place.”
Andrew Rutherford, commercial director at Arbuthnot Commercial ABL, added:
“It was a pleasure to work with the management team, structuring a flexible facility that will meet the needs of the business as it continues to drive growth. Abbey Pynford is a well-established business in a strong niche, operating in a robust sector that we know extremely well.
“The businesses that will succeed in the coming months and years will be those with clear funding strategies in place and we are delighted to support the team in the next exciting chapter of their growth story.”
