Following an Management Buyout (MBO) backed by Cable Capital Partners, Bibby Financial Services (BFS) has provided a £6million funding line to Emprise Services Plc, a company specialising in cleaning and security services, which employs 4,500 people nationwide.
Founded 30 years ago, Emprise employs 4,500 people across the UK. It services over 1,000 locations a day, generating a turnover of £60 million. Its clients include the British Library, David Lloyd Gyms, Delfont Mackintosh, Dentons, Hilton Hotels, The National Theatre, Pure Gym and Viacom.
Emprise aims to build on its favourable positioning across corporate offices and high footfall public buildings to drive the next phase of its growth. The current management team, led by Mark Beadle as CEO, will remain in place and Stephen Barrett, who founded the business, will continue as non-executive director.
Emprise has an average of 500 security guards working in London and the South East, with more than 3,500 cleaning operatives working nationally. The company cleans over 3.5 million square feet of leisure space and thousands of seats and workstations across Britain’s theatres and offices every day.
The funding package, provided by BFS’s Corporate team in Manchester, will provide working capital to enable the business to grow both organically and by acquisition, and further establish itself as a leading company in the contract cleaning and security operations industry.
Mark Beadle, CEO at Emprise Services Plc, said:
“I am delighted to be able to announce our MBO and refinancing in our 30th Anniversary year. Emprise has a proven track record of delivering a quality service. It’s a reputation that we’re proud of and one that we want to enhance with every single client we work with. We look forward to continuing to offer our clients a range of bespoke, highly-effective solutions”.
“With the investment of Cable Capital and the financing we recently secured from Bibby Financial Services, we will drive the next phase of our growth. Keeping the same management team, our clients will continue to see high standards as always, but the additional funding lines now in place mean we can now realise our potential for the long-term development of our business, growing both organically and by acquisition”.
“What attracted us to BFS was its experience in structuring finance packages and its collaborative approach to the funding. The BFS team understands our business and the sectors in which we operate, which is a huge advantage to us as we start 2017.”
Dan Burton, Head of Corporate (North) at BFS who led the transaction, said:
“Emprise is a company which operates on a national basis and boasts high profile clients, vast support infrastructure, and management experience. Given the company’s excellent track record in this sector, we are looking forward to seeing the company grow its position in the industry and partnering with them as they go.”
BFS’s Corporate team is responsible for funding larger SMEs requiring finance packages from £1m to £15m. Since its formation, the team has structured more than 470 deals across the UK.