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.
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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.