Sheffield-based EVO Group, the largest multi-channel distributor of business supplies and services in the UK and Ireland, has expanded its banking partners with the addition of Lloyds Bank.
The bank has joined EVO Group’s existing £90m banking syndicate by committing funding. EVO was formed in 2014 following the merger of Vasanta and office2office plc and works with a host of leading blue chip manufacturers to supply household name businesses across the UK.
EVO Group’s funding includes a £90 million asset-based lending facility, structured and agented by PNC Business Credit, part of the PNC Financial Services Group, Inc., one of the largest financial institutions based in the United States.
The funding will help the business’s ongoing growth strategy of extending its product range and customer base and continuing to grow market share in its core business areas across the UK and Ireland.
Lloyds Bank’s participation was led by Andrew Gaunt, director in Lloyds Bank’s Global Transaction Banking team, which will also provide foreign exchange and hedging services to enable the business to better manage its currency flows.
The EVO Group delivered turnover of more than £600m in 2015, and employs more than 2,000 people across its Sheffield head office, national distribution centres and depots across the UK and Ireland. The company also featured in the Sunday Times Top Track 250 list in 2015 at position 29.
Andrew Gale, EVO Group CFO, said: “Lloyds Bank has worked over the last couple of years to really understand us and when the opportunity arose for the Bank to join the syndicate alongside PNC and ABN Amro they were ready to step up and contribute towards our funding.
“Our stable and well structured financing will allow us to continue to focus on transforming the Group to deliver better results for our 50,000-strong collective customer base.”
David Hunt, relationship director at Lloyds Bank Commercial Banking, said: “EVO Group is a market leader in its field, with an impressive market share and footprint across the UK and Ireland.
“The syndicate’s funding will allow the Group to invest in growth and strengthen its position in the market by providing a great service to so many UK SME businesses.”
Lauren Priest-Stephens, senior associate at Squire Pattons Boggs (UK) LLP, also advised on the deal.