Financial services firm Ramsdens is focusing on growth opportunities after securing a £5 million refinance package from Yorkshire Bank.
The Middlesbrough-based business, which is main shirt sponsor of Middlesbrough FC and a previous sponsor of the Scottish Challenge Cup, provides a range of financial and retail services including foreign currency, pawn-broking, gold-buying and jewellery sales.
In 2014, the company was bought out by its management team with support from private equity firm NorthEdge Capital. The deal delivered by Mike Selina, Senior Director in Yorkshire Bank’s Leeds-based Specialist and Acquisition Finance team, will enable Ramsdens to repay some of NorthEdge’s investment and free up funding to develop the business.
Peter Kenyon, chief executive of Ramsdens, said: “We’re extremely pleased to be working in partnership with Yorkshire Bank. It was important to us to find a funding partner that understood private equity investment and had experience of growing businesses. Yorkshire Bank’s knowledgeable team demonstrated that they were in a strong position to meet both needs.
“We’re confident we now have the right facilities in place to support our business and help us to grow.”
One of the North’s most famous brands, Ramsdens was established in 1987 and operates 121 branches across the UK. It currently employs around 530 staff and generates a turnover of £30 million. In recent years it has sought to diversify its income stream by introducing new services such as currency exchange.
Mike said: “It’s a pleasure to be working with Peter and the management team at Ramsdens. The company has a fantastic reputation for great customer service and its portfolio of stores provides a strong base for growth. We look forward to working with Ramsdens and developing the brand.”
Ramsdens has been main shirt sponsor of Middlesbrough FC since the 2010-2011 season. It was sponsor of the Scottish Challenge Cup from 2011-2014.