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Arbuthnot Commercial ABL -
A client success story: Red7Marine
Our Client Success Series tells the stories of some of the unique and talented clients we have supported, how they got started, and how we helped them achieve their ambitions.
Red7Marine are the UK market leader in marine access solutions. They provide expert consultancy, bespoke innovative equipment, and specialist project teams to the near-shore marine construction and renewables industries.
Red7Marine is the result of a 2008 merger of two companies – Haven Ports Limited, a provider of barges and associated marine plant and services to the construction industry, and Anglian Marine Services (AMSL), a marine construction management company.
However, the story of Red7Marine begins with CEO, Nick Offord and the founder of Haven Ports.
Nick’s life has always revolved around the water. Having grown up near the River Stour in East Anglia and graduating with a degree in construction management at the University of Brighton, he was able to turn his passion for water and construction into a career. This passion led him to work on high-profile projects in the UK and abroad.
It was during a five-year stint in Hong Kong that Nick decided to take a leap of faith on his return to the UK and start his own business – Haven Ports Limited.
Our own story with Red7Marine begins in 2019, when we provided the business with a £12 million refinance package, enabling the company to take advantage of future growth opportunities.
On completion of the transaction back in 2019, Nick Offord, CEO of Red7Marine, said:
“There was a lot of will from both sides to make this deal happen. This is a great example of two teams coming together quickly and working together to a very tight timeframe. Arbuthnot was professional, responsive, and able to make decisions very quickly, which was very refreshing. As well as being the ‘go‐to’ company in our field, we are now ideally placed to make further inroads into the renewable energy sector, and the horizon looks very promising.”
It was in August later that year that specialist investment house, ReSolve Capital Partners, led by John Walsh, acquired Red7Marine to maximise future opportunities in both the marine construction and renewable energy sectors. Red7Marine had so much promise that John Walsh led a management buyout, acquiring Red7Marine from his partners ReSolve Capital and stepping away to become more involved with Red7Marine.
John Walsh, Chairman of Red7Marine, picked up the story from here:
“I liked Red7Marine so much that I bought it from my partners at ReSolve. Immediately, it became evident that the team at Arbuthnot had a good understanding of our business and the passion we have for it. Arbuthnot has a strong culture and a partnership-driven approach with a human dimension to it, which is refreshing in banking.”
Since our involvement with Red7marine, the firm has experienced robust profits and worked on infrastructure projects such as Portland’s new deep-water berth, the Duke Meadow’s Footbridge, alternative nesting stations at Lowestoft, the Great Yarmouth Third River Crossing, and Bam Nuttall’s environment agency flood defence scheme.
John Walsh continued:
“To put the strength of Arbuthnot’s support in context, this year, we anticipate our turnover growth will be between 50% and 75% higher than it was before Covid-19. In 30 years of contracting and 10 years as an investor, it is certainly the best relationship I have ever had with a bank. The future is exciting, and now we are focused on making Red7Marine the best business it can be. We are not merely a contracting company or just a consulting firm. We have pulled these strands together with the capability to dominate the seas of the UK and Northern Europe.”
Andrew Rutherford, Commercial Director of Arbuthnot Commercial ABL, said:
"It is a privilege to be part of Red7Marine's journey as the business continues to grow its market share and expand into sustainable energy markets. Having the opportunity to support a purpose-led, values-driven business as it meets challenges and opportunities is exactly what Arbuthnot Commercial ABL was founded to do. We wish John, Nick, and the management team continued success as they realise their vision."
Today, Red7Marine provides expert consultancy, bespoke innovative equipment and specialist project teams to both the near-shore marine construction and renewables industries. The company offers a comprehensive fleet of jack-up, stabilised, flat-top barges, modular pontoons, and workboats, enabling them to create cost-effective marine access solutions for even the most challenging projects.
At Arbuthnot Commercial Asset Based Lending, we provide relationship-driven asset-based lending solutions that offer the speed, level of funding, support and certainty to help SMEs and mid-market corporates thrive. Contact us today to find out more.
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