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.
The refinance package secured for CED following a competitive process