Background

UK civil engineering specialist Barhale, which employs more than 700 people, has more than 40 years’ experience working in the water, transport, built environment and energy industries; its customers include Network Rail, Transport for London, Barratt Homes and Yorkshire Water. Bankers for the £140 million-turnover business introduced FRP to Barhale, with a view to securing a new debt facility to fund the company’s future growth plans.

Action

Our Debt Advisory team worked closely with Barhale’s management to identify the right provider, and secure both refinancing of the existing debt, and ongoing working capital with enough headroom to fund an expenditure programme. The team’s aim was to deliver a stable financing platform for the client moving forward.

Outcome

FRP played a key role in securing an £11 million, three-year revolving credit facility with asset-based lending specialist Independent Growth Finance (IGF), in a deal which more than doubles the working capital available to Barhale from its previous lender.

“FRP’s advice and experience have been vital in helping take our business to the next stage.”  Julian Ripley, CFO of Barhale.