Turnaround funding firm Endless has partnered with a syndicate of banks to
refinance Vasanta Group, which employs 1,500 people around the UK.
Sheffield-based office supplies group Vasanta has received £30m of new
investment after struggling due to a significant withdrawal of credit insurance
in the first half of the year.
Endless has injected the majority of the new facilities having made the
investment less than three weeks after the firm was first approached by
Vasanta’s advisers Deloitte.
‘Vasanta is a prime example of the combined effects of the credit crunch and
recession in action in the UK in 2009,’ said Endless managing partner garry
Wilson. ‘It is a well run, profitable business which was coping with the
economic downturn but then credit insurers withdrew cover which immediately
caused a cash outflow from the group of over £30 million.’
Wilson also praised the seven banks involved in the refinancing, including
RBS and the Bank of Ireland, for working ‘tirelessly’ in the last few weeks to
restructure their debt.
Steve Ellis, a partner of PricewaterhouseCoopers, which advised the banking
syndicate, said: ‘The restructuring provides a solution to a balance sheet that
was over-leveraged at the top of the M&A market.’
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