Avonside Services Group has completed the Management Buy Out (MBO) of Avonside Plumbing & Heating, previously owned by Alchemy, in a deal worth Ј5m. The Royal Bank of Scotland Commercial Services (RBSCS), the invoice finance arm of The Royal Bank of Scotland, worked closely with chairman and group managing director, Steven Sayers, to achieve a solution that provided the company with the working capital they needed.
Steven Sayers, Chairman of Avonside Services Group said: “We looked at a number of funding mechanisms to finance the MBO. Originally we looked at straightforward cash lending, and we were in advanced discussions with The Royal Bank of Scotland when we were introduced to its Invoice Finance arm, RBS Commercial Services.
“Invoice discounting from RBS Commercial Services offered us a seamless solution to financing our business. We were getting the finance we required without any unnecessary impact to our day-to-day operations. It was a logical...
