Burdens secures expansion funding
Building materials supplier Burdens has secured a refinancing deal worth £80m to fund future expansion.
Working with investment company a2e Venture Catalyst, Burdens moved from its current lender and arranged a new £81m loan facility. GE Capital has provided £65m and £16m has come from Lloyds Banking Group with addition clearing facilities from Co-Op Bank.
The turnover of the company exceeds £350m with 1,100 employees based out of 50 distribution depots throughout the UK and overseas.
CEO Jeremy Burden said, “Over the past few years Burdens has increased its turnover and logistics capabilities by 100%, a major achievement during what is one of the most severe recessions in the industry.
“Not only that, it has achieved a 15% rise in sales in 2011/12. With further growth anticipated, we wanted to choose funding partners that would understand our unique business model and provide the necessary support to us as opposed to hindering our progress.
“We are delighted that with GE, Co-Op and Lloyd’s support we can achieve our corporate goals.
As a national company, based on our unique business model, we can now look forward to implement the next phase of Burdens strategic development with supportive funding partners.”