Leumi ABL has completed a financing deal to support the next stage of growth of one of Britain’s leading importers, processors and distributors of timber products.
Andover-based Snows Timber has been supplying merchants and manufacturers of timber and related products for the past 200 years and has now completed a management buyout led by managing director Ian Church.
Leumi ABL provided an invoice finance facility of £4 million to support the MBO of circa £20m turnover Snows Timber from the vendor, Bradford and Sons, a £200m turnover building supplies business. The business has been undergoing a turnaround and will now be independently owned by the current management team.
Headquartered in Towcester, Snows Timber remains a national importer, processor and distributor of timber and timber products through its Andover and Mansfield distribution centres.
Commenting on the deal, Church said: “Whilst we received several offers of finance we opted for Leumi because of their greater flexibility, total dedication to understanding our model and Jason Holland’s availability to help us complete on time.”
Jason Holland, Leumi ABL Midlands regional sales director, added: “The team are well disciplined, know their sector extremely well and have good strategic plans for the business. Our facilities support their MBO objectives perfectly.”
BDO Corporate Finance acted as advisers and Gateley plc was legal adviser on the deal.