Professional Services
FRP Advisory
Full Credential Description
Anglian Home Improvements, a leading supplier of windows and doors in the UK, faced the challenge of refinancing away from a traditional clearing bank to generate additional liquidity from its asset base. The complexity of their situation was heightened by a complicated company structure that included a large retail operation and advances against commercial and wholesale orders, which were essential for supporting the wider group's operations. Additionally, they needed to maintain substantial ancillary facilities with their existing clearing bank for day-to-day operations. This refinancing effort occurred in a difficult UK financing environment characterized by low consumer confidence and the uncertainties surrounding Brexit, which affected lenders' willingness to extend credit.
To address these challenges, we's Debt Advisory team, led by Tom Cox, was engaged to manage a competitive asset-based lender (ABL) debt raising process. The team developed transaction marketing materials, created an availability model, managed asset valuations, and negotiated the terms of the deal and all ABL facility documents on behalf of Anglian and its private equity owner, Alchemy Special Opportunities.
The outcome of this effort was successful; we delivered the necessary refinancing within a tight timeframe, ensuring that existing facilities were renewed before they matured. The process resulted in two strong competing lenders providing fully credit-approved offers, and ultimately, we secured a facility from the leading lender that offered 20% more availability than its closest competitor. This strategic refinancing not only met Anglian's immediate liquidity needs but also positioned the company for future growth amidst a challenging market landscape.