Close Brothers Business Finance has helped facilitate a management buy-out (MBO) for Core Protection Systems Ltd using a blended approach of refinancing existing assets and a Coronavirus Business Interruption Loan Scheme (CBILS) loan.
The deal allowed the firm to purchase both the intellectual property and assets.
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The deal was brokered by PMD Business Finance, a successful brokerage based out of Oldham, and who played a key role in the successful outcome of the MBO.
Formed in 2016, Core Protection Systems – known commercially as ‘Corpro’ – is a Respiratory Protective Equipment (RPE) specialist, providing high-quality and highly protective tight-fitting respirators, filters and accessories.
The business is now able to pursue its plans of automating its product lines and investing further in the development of respiratory PPE, with all products to be manufactured in the UK.
Duncan Baxter (pictured above), broker development manager for Close Brothers Business Finance: “The customer needed to raise a significant sum to complete the buy-out, and while the assets offered as security didn’t cover as much as was required, we were able to use a CBILS business loan to make up the shortfall.
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By GlobalData“The CBILS scheme really helped move the MBO along at pace and we are delighted to have played our part in what has been a very successful outcome.”
Callum Bull (pictured above), structured finance director for PMD Business Finance: “We have been working with Close Brothers Business Finance for several years and felt they were a great fit to fund the MBO.
“Core Protection Services is an ambitious business with a solid product set and strong growth prospects run by a very experienced management team, and we look forward to their continued success in the future.”
Phil Scott, managing director for Core Protection Systems: “This deal opens up new possibilities for us and we are pleased with how everything has worked out. The process has been professionally managed from start to finish, despite the circumstances everyone finds themselves in.”
Pictured: Phil and June Scott of Core Protection Services
