Posted: 26th October 2020 | Share
Leumi ABL has completed a refinancing deal with Merson Group, the Place Branding and Digital specialist which is headquartered in Glasgow with operations in London and Poland.
The facilities combine a working capital Invoice Financing arrangement together with Property Term Funding that are part supported by a UK Government-backed CBILS loan.
Merson Group has navigated the reduced trading levels through the Covid lockdown period by carefully managing the risks involved and implementing new procedures for a Covid-19 safe working environment. Now experiencing a healthy pick-up in activity, bolstered by strong client connections in the grocery sector, this financing deal marks a significant step forward, puts the business on a solid footing and protects 200+ UK jobs.
CEO, Roddy Angus, said, “It's an understatement to say that this has been an extremely challenging time for us, as it has for most businesses. We had up to 50% of our UK staff on furlough at some point but thankfully the vast majority are now back full time. The refinancing really puts us in a good place to maximise the opportunity in our client sectors that are performing well – the deal highlights the strength of our relationship with Leumi ABL and enables us to maximise the efficiency of our asset funding structure while at the same time strengthening the equity base of the company.”
Austin Thorp, Leumi ABL Regional Sales Director, added: “Merson Group is an exciting, well established business with a strong customer base and ambitious future growth plan. The structure of our facilities provides a solid funding base from which the business can expand and prosper, and we are delighted to be involved in supporting the business in the next stage of its journey.”