Recognise Bank has completed a £1.75m bridging loan to support the growth of Lowe & Simpson Group, a Teesside-based joinery and stair-making company.
The loan enabled the new owners of the business to settle a deferred payment linked to its acquisition and will help integrate the firm into a wider portfolio that includes GL Stairs and GL Joinery.
The 12-month facility was completed at 70% LTV after being introduced by Paul Mak, managing director at Pomegranate Commercial Finance.
Recognise Bank’s lending team structured the loan to meet a refinancing deadline after other lenders were unable to provide a suitable solution due to structural considerations.
Mike Doxford, senior lending manager at Recognise Bank, said: “This was a strategically important acquisition for our client and we’re pleased to have provided the funding they needed at a critical moment.
“Our ability to structure a practical and timely solution helped facilitate the successful handover of a long-established North East business.
“The team at Pomegranate Commercial Finance recognised that we could support the borrower’s needs and we look forward to working with them again.”
Mak added: “This transaction had several moving parts, but the team at Recognise Bank quickly understood the client’s objectives and worked with real agility to deliver a smooth result.
“Their collaborative approach and clear communication were key to getting this deal over the line. We’re delighted with the outcome and so is the client. We look forward to working with Mike, Steve and the team again.”
