Independent Growth Finance (IGF) has delivered a funding package to support TKP Surfacing’s management buyout (MBO), and its on-going working capital requirements.
Based in Newbury, Berkshire, the business employees 30 people and is a national asphalt surfacing contractor originally founded in 1978.
IGF was introduced to the business by Clear Cashflow Solutions to deliver an ABL facility and term loan to support the MBO.
As a first-time MBO, TKP Surfacing was on the hunt for a funder that could confidently meet its needs to provide the funding required within the desired timescale, and take a pragmatic approach to the onboarding process, ensuring a smooth transition for all stakeholders.
Jake Berridge, Director at TKP Surfacing, said: “Early meetings with the IGF team were very informative and provided us with a high level of confidence that they would be the right partner based on our requirements and philosophies.”
“From start to finish, IGF’s process was clearly laid out and easy to follow, and we really felt that they were invested in us. The personal touch and understanding of our business set them apart from the big banks. Having used the facility for three months we can happily share that the system is working as advertised.”
TKP Surfacing continues to grow the business, using the facility as a basis to do so. It provides a competitive, communicative service with a clear focus on delivering high quality works first time, driven by a highly skilled workforce.
Jim Davis, Director of Clear Cashflow Solutions, commented: “This is my first time working with IGF and I couldn’t have asked for more. The team immediately understood what the client wanted to achieve and nailed their expectations from day one in terms of what they offered and actually delivered. The process was slick and IGF provided a transparent and reliable service throughout.”
Oliver Smith, Associate ABL Director at IGF, added: “I’m delighted IGF were able to support Clear Cashflow and TKP Surfacing on this deal. Despite the many challenges faced by the sector, the business continues to perform extremely well, and our facilities will continue to support TKP Surfacing’s working capital requirements as it scales organically.”
