Yorkshire Bank supports Ramsdens growth plans with £5m refinance deal

Financial services firm Ramsdens has secured a £5m refinance package from Yorkshire Bank.

Established in 1987, the Middlesbrough-based business provides financial and retail services including foreign currency, pawn-broking, gold-buying and jewellery sales.

Ramsdens, which is also the main shirt sponsor of Middlesbrough FC and a previous sponsor of the Scottish Challenge Cup, was bought out in 2014 by its management team with support from private equity firm NorthEdge Capital.

The £5m refinance deal delivered by Mike Selina, senior director in Yorkshire Bank’s Leeds-based specialist and acquisition finance team, will enable Ramsdens to repay some of NorthEdge’s investment and free up funding for future development.

Peter Kenyon, chief executive of Ramsdens, said: “We’re extremely pleased to be working in partnership with Yorkshire Bank. It was important to us to find a funding partner that understood private equity investment and had experience of growing businesses.

“Yorkshire Bank’s knowledgeable team demonstrated that they were in a strong position to meet both needs.

“We’re confident we now have the right facilities in place to support our business and help us to grow.”

With 121 branches across the UK, Ramsdens currently employs around 530 staff and generates a turnover of £30m.

Mike commented: “It’s a pleasure to be working with Peter and the management team at Ramsdens.

“The company has a fantastic reputation for great customer service and its portfolio of stores provides a strong base for growth. We look forward to working with Ramsdens and developing the brand.”