Primary Asset Finance recently acted as lead finance broker to Safe Rise Scaffolding Group Limited in its acquisition of BCM Scaffolding Services Limited.
BCM Scaffolding Services is one of the leading access providers within the Greater London area and serves a strong blue-chip client base operating in the commercial construction, residential construction and maintenance sectors. BCM is a provider of both supply and hire services, and is capable of meeting the demands of very large sites.
Adèle McLay, Director of Safe Rise Scaffolding Group led the transaction for the acquirer drawing on her significant business advisory, accountancy and investment banking experience. Adèle’s business partner and husband, David Hayde, Director of Safe Rise Scaffolding Group was also involved with the acquisition, drawing on his significant London commercial construction projects experience and expertise in corporate finance and management consulting as a former Partner, KPMG in New Zealand.
Adèle from Safe Rise Scaffolding Group commented, “We are thrilled to have acquired BCM Scaffolding Services. It has a long and proud history of serving leading construction companies in the wider London area, and we look forward to continuing to meet our clients and to providing excellence in scaffolding services to our existing and new clients.”
Fergal Shaw, BCM’s General Manager will remain with BCM Scaffolding Services reporting to the new Directors who will be hands-on within the business in the early stages of the acquisition, while the Founder, Peter (Jim) Commane has left the company and is enjoying his retirement.
Phil Betts, Managing Director at Primary Asset Finance said: “Primary Asset Finance was very pleased to have facilitated the acquisition of BCM Scaffolding Services by Safe Rise Scaffolding Group, and we wish the new owners tremendous success”.
Safe Rise Scaffolding Group was also advised by Stephanie Kleyman and Nick McEwen at Kleyman & Co. Solicitors.
We want to let you know what we’ve been getting up to, so we put a selection of our news and updates on this ‘Latest News’ section. However, we don’t publish all of our deals and events on here, so if you have any questions or want to find out more about the types of finance we can arrange for your business, visit our Case Studies page, or contact us.
This month, Phil from Primary Asset Finance was selected by ABN AMRO Commercial Finance to be the broker in their ‘Answering the Broker’ article in Business Moneyfacts. Phil asked a range of questions on Asset Based Lending and finance more generally, which were answered by ABN’s Commercial Finance Sales Director, John Hunter. Click here for the full article (see pages 8-9).
Primary Asset Finance successfully facilitated the draw down of a £175k cashflow loan on Friday for a company in the toiletries industry. We were able to secure the funds, which were required for general working capital, within 5-6 days of initial contact from our client.
Primary Asset Finance successfully arranged an Invoice Finance facility for a UK-based manufacturer and distributor of award winning homeware and gifts. If you’re interested in securing an Invoice Finance facility for your company, take a look at our Products page or contact us to find out more.
The team at Primary Asset Finance has successfully arranged funding for the acquisition of a scaffolding company! Despite the construction industry being relatively difficult to fund, Primary Asset Finance secured £3m of funding with a specialist lender. The acquisition completed two weeks ago and the new management team are already implementing their growth plans for the company.
Hannah from the Primary Asset Finance team recently attended the Sustainable Finance roundtable, hosted by the UCL Centre for Ethics and Law, where sustainable Finance is defined as finance that takes into account and deals with environmental, social and governance issues.
The roundtable discussion focused on issues relating to the extent to which sustainable finance could be applied to the finance market generally, and whether or not profitable finance and sustainability are mutually exclusive. The panel of speakers included 10 key figures and experts in academic and professional law, economics, finance and financial services regulation. Some of the most interesting comments from the speakers are summarised here.
The keynote speaker, Professor Steven Schwarcz advocated that, to promote lending to small businesses in the US, the government should provide emergency “back up” housing to any small business owners whose business failed but they borrowed money against their residential property, therefore leaving them homeless after losing the company. Schwarcz believed that this kind of socially responsible and government supported lending could increase business and jobs in less economically developed areas.
Other speakers focused on the current unsustainability of finance, and commented that there are too few environmental experts working to support the finance industry in efforts to become more sustainable (Professor Bert Scholtens); we need experts from a range of industries to collaborate to provide a realistic solution. Further, David Rouch (speaking in a personal capacity) suggested that sustainability needs to be better defined and that consumer investors (e.g. people investing in pension funds) are indeed concerned with sustainability as well as profit/income, although the banking sector seems to ignore this concern.
Finally, Dr Javier Solana made the interesting point that there is too much focus on making finance more sustainable and too little focus on making finance lessunsustainable. He suggested that this would be a more achievable strategy to improve sustainability, starting with the current approach and working towards a better situation, rather than starting with the ideal (and maybe impossible) situation and working backwards from that.
Overall, it was an interesting discussion on how we can improve and promote sustainable finance, and a great chance to be in a room with so many experts on the subject. It was a thought-provoking roundtable on a very important topic.
Through a new link to a funder, Primary Asset Finance is now able to arrange finance for companies on an unsecured basis. These unsecured loans are generally long-term (5-8 years), can be arranged to a maximum of £5m or a 4x multiple of EBITDA, are not backed by assets and do not require any personal guarantees.
Contact us to find out if your company meets the criteria for an unsecured loan.
We’ve booked our tickets for the Cambridge B2B exhibition in September, organised by the Cambridgeshire Chambers of Commerce. We’re looking forward to meeting new local business people and finding out more about what’s going on in the area!