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Office product group secures £60million ABL facility from Lloyds Bank to support growth plans PDF Print E-mail
Tuesday, 21 July 2015

Office products group SpicersOfficeTeam is accelerating plans to broaden its product portfolio and expand into new sectors after securing a £60million asset based lending facility from Lloyds Bank.

Based throughout the UK, the Group was formed in August 2014 when Spicers, a wholesaler of office equipment and furniture, joined with office service provider OfficeTeam. SpicersOfficeTeam, which employs 1,500 people and has an annual turnover of £350million, is targeting significant growth across the next three years.
 
Spicers offers its customers a range of over 14,000 products. It operates six regional distribution centres that allow for efficient delivery to its UK customer base of resellers, who work with small and medium-sized offices.
 
OfficeTeam provides a range of services including traditional office supplies, janitorial and catering supplies, print management, work wear and the supply of office furniture. It operates a fleet of more than 200 vans that make 1.5 million deliveries per year.
 
To facilitate the expansion of the Group’s product lines and services, it approached the Lloyds Bank’s Commercial Finance team for support. The asset based lending facility includes funding against receivables, property and inventory, providing the working capital uplift to drive the Group’s long-term objectives.
 
Lloyds Bank was advised by Irwin Mitchell, GA European Valuations and Jones Lang Laselle. SpicersOfficeTeam was advised by Jones Day.
 
Andrew Mobbs, Chief Financial Officer at SpicersOfficeTeam, said: “Our ambitions are to continue providing a quality service to our customers, but to enhance the range of products that we can offer so that we become the one stop shop for all their business consumable needs, whether that’s stationery, facilities management, print  or furniture requirements.
 
“Thanks to the support of Lloyds Bank we are now well placed to accelerate our plans and deliver further growth for the business. We are looking forward to offering a wider choice of services to new and existing customers over the coming months.”
 
Sam Owen, Regional Director at Lloyds Bank Commercial Finance, said: “SpicersOfficeTeam has a strong management team in place with a clear vision for the long-term success of the Group. We have worked with the business for a number of years, and the flexibility of the funding facility we have provided delivers a solid platform for the business to grow.
 
“We are committed to supporting ambitious mid-market businesses like SpicersOfficeTeam, and look forward to working with the company as it expands the services it offers to its growing customer base.”

(Source - Lloyds Bank Press Release)
 

 

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