Arbuthnot Commercial ABL structures £4m funding package for Masterfix

By Bridging Loan Directory 25th October 2022

Arbuthnot Commercial Asset Based Lending (ACABL) has completed a bespoke £4m growth finance package for Masterfix GB Limited (Masterfix).

This transaction comprised an increased receivables facility to generate additional headroom supporting growth, and an RLS (Recovery Loan Scheme) facility to replace the company’s existing CBILS (Coronavirus Business Interruption Loan Scheme) loan.

Established in 2009, Masterfix is a fast-growing London-based property maintenance business, specialising in providing services to residential and commercial managing agents, landlords & freeholders, retailers, hospitality providers, insurers, and policyholders.

The company’s services range from reactive 24-hour callouts and minor building works to major remedial works for insurers covering subsidence, fire, and water damage.

Coniston Capital backed the Management Buy Out (MBO) of the business in late 2021.

James Peers, Finance Director at Masterfix, said:

“I joined the business in January, following the MBO, and the first thing I noticed was that the company’s working capital requirement was going to surpass the facility it was carrying.

We invited several lenders to take part in a competitive process and Arbuthnot Commercial ABL came out on top.

They have been very straightforward and responsive, and their portal gives us excellent management information.

Their team structured a bespoke facility that will provide us with the flexibility to take the business from £13m to £25m turnover by 2025.

In addition to driving organic growth, we are now looking to make complementary acquisitions.

With their knowledge of the business and their ability to provide tailored funding solutions, we believe that Arbuthnot’s team is best placed to support us as a long-term partner.”

Andrew Rutherford, Commercial Director at Arbuthnot Commercial Asset Based Lending Limited, said:

“This transaction reflects our belief in the strength of the management team and business plans at Masterfix, a company which is poised for significant expansion.

It has been a pleasure working with James and the team with whom we have a great rapport, and we very much look forward to supporting the next phase of their growth aspirations and acquisitions strategy.”