Arbuthnot Commercial Asset Based Lending supports acquisition of Euxton Tile Supplies Ltd
Arbuthnot Commercial Asset Based Lending (ABL) has supported the acquisition of Euxton Tile Supplies Ltd (Euxton) by Earle Group with a £2m asset based lending facility, comprising a £1,250,000 confidential invoice discounting line and a £750,000 cash flow strip to provide the desired level of headroom in the transaction.
With the incumbent owner wishing to retire, Arbuthnot Commercial ABL was invited to structure a facility that would also offer the new owner, Julian Palmer, the opportunity to implement a new strategy that will further the company’s leading market position.
Euxton was established over 50 years ago and is one of the largest independent tile distributors in the region. The company offers a wide range of tiles from all leading factories to both trade and retail customers. It prides itself on its award-winning showroom and knowledgeable, long-standing staff. The company offers next day delivery, courtesy of its own fleet and is a representative of the ABCD Group (The Association of British Ceramic Distributors).
Andrew Rutherford, Commercial Director at Arbuthnot Commercial ABL, said:
“Euxton has fantastic potential with a very experienced professional at its helm. No two situations are the same and so it is important to us and to clients that we look at every scenario with both a fresh and an experienced eye. It is only through this approach that clients get the best outcome. We look forward to the potential Julian will realise within Euxton.”
Julian Palmer, Owner, Euxton Tile Supplies Ltd, said:
“I have worked in the sector for many years and wanted to work with a finance provider who shared both my sector knowledge and my vision for the business going forward. I am delighted to find Arbuthnot Commercial ABL because they ‘got it’ in both senses.”
“The MBI process was new to me and I could not have picked a better partner through it all. The team at Arbuthnot Commercial ABL was patient, responsive and flexible. What I wanted to achieve was not a standard template for many banks, but Arbuthnot Commercial ABL quite simply is not like that. We are now all set to move ahead with exciting product developments that will drive our lead position ever forward.”