Secure Trust Bank, a UK-based challenger bank, has supported the management buyout of UK heating and plumbing company T&S Heating.
The Commercial Finance arm of the bank backed the transaction with a £200,000 invoice discounting package.
T&S Heating, founded in 1974 in Nottingham, has recently extended its offering into a broad range of property services. The company aims to raise its turnover from £6m to £10m by 2018.
The management buyout will see the company’s founder Malcolm Theakstone exit the business.
Saeed Rafique, who has been finance director at the company for five years and Robert Bluff who has been at T&S Heating for 24 years, will take over the company as part of the deal.