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Venture Structured funding stacks up for Michelmersh
Premier Asset Based Lender, Venture Structured Finance, has provided Michelmersh Brick Holdings PLC, the landfill and land development company and the UK’s largest producer of handmade specification bricks and clay paviors, with a Receivable and Inventory Finance facility totalling £5.5 million.
AIM-listed Michelmersh manufactures and sells hand and machine made clay-facing bricks and roof tiles and operates an inert landfill site in Telford. The funding package provides ongoing working capital and leverages the additional headroom the company needs to restructure and move the business forward.
Venture Structured Finance was recommended by Litmus Advisory to provide the funding support to the Michelmersh and after winning the mandate in a competitive process, quickly set to work structuring a revolving facility comprising of £3.5 million Receivables Finance plus £2 million Inventory funding.
Martin Warner, Managing Director, Michelmersh comments: “We’re pleased with the funding lines Venture has provided us. It has enabled us to refinance our business with a solid partner and means we have confidence that our cash flow will be protected in these turbulent times. We were impressed with the time Venture took to understand our business needs in order to provide a robust solution in a tough environment.”
Patrick Wilkins, Regional Director, Venture Structured Finance comments: “It’s been our pleasure to refinance Michelmersh with a competitive funding package and to be working with a company which provides services to some of the most impressive building projects in the UK.”
Nick Grainger, Director, Litmus Advisory comments: “We have worked successfully with Venture on a number of occasions since Litmus was established five years ago and we instinctively knew that Venture’s appetite, professional service delivery and funding availability would be a perfect fit for our client. It has been a pleasure to work with both parties involved to find the right refinancing solution for Michelmersh.”
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