Bibby Financial Services has provided £3.6m to RW Scott, Carluke (South of Glasgow) based food wholesaler which has recently been acquired by an experienced management team.
Working capital was provided to assist the buyout with a combined facility of £2m in Invoice Finance, £500,000 in Stock Finance and £1.1m in Asset Finance to fund the acquisition of plant and machinery.
The funding facility was secured by R&W Scott’s to fund an ambitious growth and turnaround plan for the 130-year-old business which employs 94 people. It is an important supplier of ingredients to the bakery, confectionery and retail sectors in the UK and worldwide.
David McIntyre, Corporate Manager of Bibby Financial Services, said: “We are delighted to support the MBO of RW Scott with a bespoke working capital arrangement. This historic business has an ambitious growth and turnaround plan and a leading position within the foodservices sector, and we are delighted to support its acquisition.
“Having spent significant time with the management team, we were able to quickly understand the needs of the business and develop our own plan to fund its from Real Good Foods. We look forward to seeing the business grow and develop from its strong foundations.”
Stephen Currie, Director of RW Scott, said: “With a leading reputation in the sector, our business spans 130 years of history and we are proud to be relaunching RW Scott. We sought a funding partner with a deep understanding of our business to help us unlock working capital assets for the buyout.
“BFS has provided us with the strongest platform for our particular operational structure. Invoice Finance and Asset Finance will aid our growth significantly and provides the working capital we need to grow.”