Bibby structures funding solution to support haulage acquisition
Bibby Financial Services (“Bibby”) has provided working capital funding and lease finance to support Revis Transport’s acquisition of transport and haulage firm, Spandler Limited.
When looking to acquire Spandler in order to expand into East Anglia, York and Immingham-based Revis Transport, turned to the Corporate Finance team at Bibby.
Corporate Manager at Bibby, David McIntyre, headed-up a team that was able to structure a finance package, which combined £120,000 funding and a £550,000 hire purchase agreement structured by Tim Brogden of Bibby Leasing.
Kevin Craven, Corporate Director at Bibby said: “This is a fantastic example of how we can provide an integrated finance package that supports clients’ needs by bringing together our expertise working capital solutions with our excellent leasing capabilities.”
John Revis, Director of Revis Transport added: “We’re expanding significantly and as we grown, our working capital needs have changed.
“The team at Bibby showed expertise and business acumen. David and Tim were able to successfully integrate a solution to meet both our leasing requirements, along with our ongoing working capital needs, which is ultimately why they were awarded the business.”
Bibby Financial Services was formed in 1982 and is part of the 208-year-old business services provider, the Bibby Line Group. The business supports 7,000 SMEs through its network of 19 regional offices in the UK.