Arbuthnot Commercial ABL completes £20.7m funding facility to support ICE’s growth plans
Arbuthnot Commercial ABL is pleased to announce that it has completed a £20.7m structured refinancing facility to support the continued growth of Industrial Cleaning Equipment (Southampton) Ltd (“ICE”)
ICE is the UK’s largest independent provider of industrial cleaning equipment to facilities management providers, retail, warehousing, manufacturing, logistics, healthcare, and education sectors.
The comprehensive refinancing package comprises a £10m accounts receivable line, a £7.5m RLS term loan, and a £3.2m revolving plant and machinery loan. The refinancing package will provide substantial additional financial headroom, enabling the business to drive growth to meet heightened customer demand following the pandemic, as well as to restructure expensive investment debt.
Originally established in the 1960s, ICE is one of the oldest cleaning equipment and service providers in the UK. Headquartered near Southampton, and with additional hubs in Runcorn, Winchester, Peterborough and Glasgow, ICE is now the UK’s market-leading nationwide cleaning equipment provider. Its market position is further supported by continued innovation in the delivery of hi-tech cleaning solutions via autonomous programmed machines and robotics. ICE Co-Botics offers a complete range of autonomous vacuums, scrubber dryers and sweepers, which allow operatives to focus on crucial detailed tasks such as sanitisation.
The deal was advised by Primary Finance Group, whose expertise was greatly appreciated in making sure the deal was completed in an efficient and timely manner.
Commenting on the transaction, Darren Marston, Chairman of ICE, said:
"We were initially looking to restructure our debt, which was rather inefficient, and were getting approaches from a plethora of financial organisations that offered government-backed loans. We then got in touch with a debt advisory specialist, who short-listed Arbuthnot Commercial ABL as a potential provider. We had already identified Arbuthnot as one of the front-runners and they impressed us from the get-go. Several factors stood out to us, from their appetite to deliver the quantum required and the quality of their team to our adviser’s positive comments in respect of their market reputation.
As a result of Brexit and the pandemic, resource is now more difficult to find, so our products and services have some very exciting upside. Immediately, the deal structured by Arbuthnot Commercial ABL has significantly improved our liquidity position and with our new banking partner, we are ideally placed to realise these growth opportunities."
Andrew Rutherford, Commercial Director at Arbuthnot Commercial ABL, said:
“We are proud to back the growth ambitions of this very well run, long-established and pioneering business with a substantial funding line as they continue to power ahead with their growth plans. It is companies such as ICE that are driving economic recovery in the UK and we are here to support them with the optimal levels of funding that will enable them to drive further success.”
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