Debt Advisory

FRP secures £8.5m refinance package for CED Stone

Debt Advisory team lead competitive funding process for paving specialist


CED Stone Group is a well-established family business formed in 1959, supplying a range of British and imported natural stone paving solutions from six depots across the UK and an office in New York. The £19 million turnover business aimed to complete a reorganisation to tidy up its group structure, while at the same time sourcing new banking facilities to provide working capital for growth into new product areas and locations.


The company approached FRP to assess all available funding options. The team then conducted a competitive process to identify a new asset based lender who could provide the most appropriate funding models to suit the shareholders’ ambitions.
The aim of the process was to maximise the availability of working capital and find a long-term funding partner who understood CED’s trading cycle. Our extensive knowledge of the market and professional presentation of the opportunity ensured that several competitive offers were received, allowing management to select the best available funding package for the business.


Once a preferred funder was chosen, we continued to advise the company during the legal and credit process, amending the model to illustrate alternative scenarios to satisfy the funder’s internal credit process. Our team managed the transaction at each step through to completion of the process, securing an £8.5 million refinance package.

“We are now well placed to really push in 2021, and build on the success and resilience we’ve shown in 2020. Expanding our depot network, as well as our product lines, offers an opportunity to grow our already 80-strong team and ensure the business continues to thrive for another 40 years. FRP’s exceptional understanding of the lending market has been invaluable.” Giles Heap, Managing Director of CED


£8.5 million

The refinance package secured for CED following a competitive process

Related team

Chris Adlam

Chris Adlam

  • Partner
  • Corporate Finance
  • Norwich