Blackwater Valley: RBS backs £1.8m MBO
The Royal Bank of Scotland (RBS) Blackwater Valley Commercial Team has provided a £1.8 million financial package to support the management buyout (MBO) of franchise business Iceking Restaurants.
Founded in March 2000, Iceking Restaurants was established by a team of business partners to purchase two franchises of international fast food chain KFC. With business performing well, the management team sought additional opportunities to grow the business, recently acquiring an additional KFC outlet.
With business continuing to grow and expansion set for the new year,
business partner Jon Mouralidarane proposed the management buy out to the existing management team, who agreed to the deal following a strategic review of the business.
To enable the MBO to take place, Neil Cockburn from RBS Blackwater Valley and his colleagues from RBS's Structured Debt Solutions Team worked solidly with Mouralidarane to set up a suitable financial package to enable the MBO to take place. The package delivered included a cashflow loan, overdraft facility and RBS's mentor employment law service.
Mouralidarane, director of Iceking Restaurants, commented: "I am incredibly excited by my recent purchase of Iceking Restaurants and
already I have plans to continue our acquisition strategy. I am most
grateful to Neil at RBS for the breadth of financial solutions he offered. I look forward to continue working with Neil as I look to continue the expansion of my business."
Neil Cockburn, relationship manager at RBS Blackwater Valley, commented: "Having worked with Iceking Restaurants since mid-2004 and I have a strong understanding of the business. By working closely with Jon I clearly understood his business objectives and was able to work with my colleagues at RBS to deliver a structured financial solution to enable the MBO to take place smoothly and efficiently. I wish Jon every success with his venture and I look forward to continue working with him as he continues to build his
business."
