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FRP secures £12.6m refinancing for Essex investment group

The new facility has been secured from asset-based lending specialist, Arbuthnot Commercial ABL, and the deal was led by partner Chris Adlam

FRP Advisory has secured a new £12.6m facility for Milbank Ventures, an Essex-based private investment group, to fuel its future growth plans through a new funding deal facilitated by FRP’s corporate finance team.

The new facility has been secured from asset-based lending specialist, Arbuthnot Commercial ABL. Led by partner Chris Adlam, the deal will reportedly drive further growth for the group as it continues to pursue both organic and acquisitive opportunities.

Milbank is headquartered in Colchester and comprises a portfolio of eight businesses operating across a diverse range of markets.

During 2021, the £50m turnover group made three acquisitions, including agricultural film manufacturer Silostop, digital marketing agency Xanthos, and Nicola Jane – a UK mastectomy and post-surgery wear specialist.

FRP said Milbank approached the firm to help find the most suitable long term funding partner for the group, building on its existing relationship.

Adlam said: “Milbank has a successful track record of investing in its portfolio businesses to deliver steady and sustainable growth. This refinancing will provide greater flexibility for it to continue expanding through acquisition, whilst sustaining the growing working capital needs of its portfolio.

“As the economy continues to evolve, asset-based lending has become an increasingly attractive route to growth and we would expect to see more deals of this nature in the months and years to come.”

Meanwhile, Birketts and Mills and Reeve acted as legal advisers.

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