A Sheffield group of companies that supplied more than half the timber used in constructing the 2012 Olympic venues has secured long term refinancing from HSBC.
The £73 million deal, composed of both term lending and an Asset Based Lending facility, will be used to fund future growth plans.
The Group, founded in 1920 by Arnold Laver, is now headed by his grandson Andrew. In addition to the national timber business, the Group operates Leisure Parks on the east coast of England and has other property interests.
The timber business recently surpassed £100 million in annual turnover for the first time since the global economic downturn.
Andrew Laver, chief executive of the group, said: “We are extremely excited about this next phase in Arnold Laver’s journey. Having HSBC as our banking partner provides us with a powerful platform to fund our growth aspirations.
“We will be announcing a further significant expansion of the timber business in the near future, which will strengthen our position as the key supplier of timber products in the UK. I would also like to thank Deloitte for their invaluable support during the process and help in structuring the refinancing so that we can achieve our growth aspirations.”
Mike Swift, HSBC’s area director of Corporate Banking in South and West Yorkshire, said: “Arnold Laver is a firm that is approaching its centenary but is also ambitious for the future.
“At HSBC we are delighted to be supporting a great business as it realises those growth ambitions – whether refinancing overall borrowing or an invoice finance solution that works.”
Arnold Laver was advised by Nigel Birkett and Anil Gupta from Deloitte’s debt advisory team in Leeds, while Relationship Director Guy Rothery managed the deal for HSBC.