FRP secures £8.5m refinancing for paving supplier
Essex-headquartered natural stone paving supplier CED Stone Group is targeting a year of accelerated growth in 2021 after securing a new £8.5 million finance package with the support of our Corporate Finance team.
The £19 million turnover business, which has six depots across the UK and an office in New York, plans to grow its geographical footprint and expand into new product areas having benefitted from the increased demand for landscaping products despite the COVID-19 pandemic.
CED’s management team, advised by Corporate Finance Partner Chris Adlam and Senior Manager Adam Croft, secured the new funding while undergoing a restructuring exercise across the group to simplify its corporate structure.
Based on our independence and expert knowledge of the funding landscape, we were asked to run the refinancing process from start to finish. Assessing and identifying the most appropriate funding models to suit the shareholders’ ambitions, we generated a range of competitive offers to secure significant additional funding that will not only boost the group’s liquidity but better enable it to invest in growth opportunities.
CED Stone Group has supplied British and imported stone products to designers, landscape contractors and builder’s merchants for more than 40 years.
Giles Heap, Managing Director of CED said: “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.”
Chris Adlam, Corporate Finance Partner at FRP, said: “CED Stone Group shows no sign of standing still – thanks largely to its ambitious management team. This deal shows that, in spite of a difficult economic outlook for 2021, there is still a very competitive lending market and liquidity available for businesses with strong underlying performance and robust plans for growth.”
Debt advisory, Refinancing (including recapitalisations).
This deal shows that, in spite of a difficult economic outlook for 2021, there is still a very competitive lending market and liquidity available for businesses with strong underlying performance and robust plans for growth.Chris Adlam Corporate Finance