Arbuthnot Commercial ABL delivers £8m funding package for Glen Group

Arbuthnot Commercial Asset Based Lending (Arbuthnot Commercial ABL) has structured and delivered an £8m funding package for Glen Group Limited (Glen Group), one of the UK’s largest privately owned facility services companies.

The comprehensive facility included a £5m confidential invoice discounting line, a £2m Growth Guarantee Scheme (GGS) loan, and a £1m cash flow loan. This multi-faceted solution enabled Glen Group to achieve three key objectives: refinance its existing facilities following the withdrawal of its incumbent lender from term debt provision, complete the acquisition of commercial cleaning company G J Treasure, and create substantial headroom to support its future growth plans.

Founded in 1982, Glen Group operates nationally through regional divisions in the North, South West, South East, and Midlands, with a client base spanning both public and private sectors. It also owns RCB Business Solutions Limited, which specialises in distribution warehouse facilities for major chains across the Midlands and North of England. The Group was acquired in 2019 by Dave Seaton and Ross Barnes.

Dave Seaton, Executive Chairman of Glen Group Limited, said:
“What surprised me more than anything was the level of senior involvement. Arbuthnot Commercial ABL’s commercial director and deputy head of underwriting were closely involved throughout. They travelled from London to Bristol for a face-to-face meeting and spent nearly five hours with us, which really demonstrates their commitment. The team is very experienced, pragmatic, and has a can-do attitude. Arbuthnot is well-suited to our size and profile of business and structured a facility that was exactly right in terms of both funding quantum and advance rate”

Ross Barnes, Group Managing Director of Glen Group Limited, added:
“Everyone we dealt with at Arbuthnot was engaging, supportive, and approachable. There was never any issue in getting into the detail – if we needed time to understand something, they made the time available. It was a very user-friendly experience. The fact that they cleared senior diaries to come and see us in person showed we mattered to them and that they were committed to making the deal happen”

Andrew Rutherford, Commercial Director at Arbuthnot Commercial ABL, said:
“Dave and Ross have built an impressive business with a clear growth and acquisition strategy and the track record to deliver it. The multi-faceted nature of this funding package, combining invoice discounting, term debt, and cash flow facilities, reflects our ability to tailor solutions to the specific needs of our clients. We’re pleased to be providing a platform that enables Glen Group to deliver on its exciting growth ambitions.”

Source: Arbuthnot Commercial Asset Based Lending