Manchester’s Secure Trust Bank announces £15m backing for carpet business
Floor covering distributor Carpet & Flooring (Trading) Limited has secured an eight-figure asset-based lending facility.
The £15m boost, provided by Manchester-based Secure Trust Bank Commercial Finance, will be used to support strategic acquisitions and new branch openings.
Carpet & Flooring is headquartered in Redditch and operates 11 branches nationwide, including in Manchester.
Private equity investor Endless acquired the company from construction products supplier SIG Plc in February last year.
Secure Trust Bank Commercial Finance COO James Hodkinson said: “Lisa [Tomlin, CEO] and her team have a very clear strategy for where they want to take Carpet & Flooring over the next few years and we’re really pleased to be playing our part in supporting both the company and Endless to achieve their ambitions for the future of the business.”
Carpet & Flooring chief exec Lisa Tomlin commented: “We are delighted to have secured this additional funding from Secure Trust Bank which will support us as we deliver organic growth and pursue targeted acquisitions.
“The business is now in an excellent position and we’re pleased to be working with Secure Trust Bank on the next phase of our plan.”
EY provided Carpet & Flooring with transaction support. Law firms Walker Morris and Addleshaw Goddard provided legal advice to Carpet & Flooring and Secure Trust Bank respectively.