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Asset-based loan backs Everwhite BIMBO
Everwhite, a supplier of plastic products used in buildings, has undergone a buy-in management buy-out (BIMBO) after being put into administration in January. The transaction was supported by £1 million from existing Everwhite shareholders led by John Moulton, along with a £3.9 million asset-based lending package.
As a result of the deal, Moulton has introduced one of his associates, Richard Taylor, to the board as chairman. Paul Jayne remains managing director at the business, which previously traded through two companies named Everwhite Plastics and Everwhite Shutters.
The asset-based debt facility was provided by Venture Structured Finance, a division of invoice finance specialist Venture Finance.
Jayne comments: ‘We already had a strong order book, and [the] funding will allow us the financial headroom to maintain these relationships and keep our customers happy.’
Debt consultancy firm Litmus Advisory helped structure the deal.
Venture Structured Finance provides asset-based credit facilities of between £3 million and £50 million for businesses with a turnover of up to £200 million.
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