OakNorth Bank provides funding to facilitate equity deal for Bolton-based Aptus Utilities

By Bridging Loan Directory 9th December 2019

OakNorth Bank – the UK bank powered by OakNorth – has completed a debt finance loan as part of the equity deal for Aptus Utilities, the UK’s leading provider of multi-utility services.

Founded in March 2010 by Andrew Reay, Jonathan Holden and Fred Story, Aptus has established a strong reputation for providing a multi utility solution that streamlines and expedites building processes for construction companies throughout the UK. By offering a complete, integrated package of services, Aptus improves the efficiency of site development, enabling developers to accelerate the completion, marketing and sale of their plots.

Based in the Greater Manchester town of Bolton and previously named in The Sunday Times ‘Virgin Fast Track 100’ and the London Stock Exchange’s ‘1000 Companies to Inspire Britain’, Aptus has supported construction companies based across Northern England, the Scottish Borders, the Midlands and Wales. The equity funding will see OakNorth Bank join forces with WestBridge and the existing management team to assist with the delivery of the business growth plans.

Lisa Kerford, Managing Director at Aptus, said:

“Stewart Haworth, Dan Martin and the wider OakNorth Bank team have proven to be an ideal partner, taking the time to fully understand the business and finding a way to structure a transaction to meet the objectives of all parties.”

Jonathan Holden, Founder of Aptus, said:

“We are delighted that OakNorth supported this transaction. Myself, Andrew and Fred are very excited and keen to see the business continue its mission to provide vital support to the UK’s construction industry.”

Stewart Haworth and Daniel Martin, Debt Finance Directors based out of OakNorth Bank’s Manchester office, added:

“We’re delighted to have supported this deal, which is one of the first transactions sourced and completed from our new debt finance team in Manchester. Aptus is a leading player in its field and we’re looking forward to working with the wider management team and WestBridge, supporting the business as it goes from strength to strength.”