Facilities and maintenance firm secures £6.8m funding package

A Gateshead-based facilities and commercial building maintenance company has secured a £6.8m funding package from Arbuthnot Commercial Asset Based Lending (ACABL). The package will support Newable Capital, which invested in the business earlier this year.Established in 2000, Commercial Maintenance Services UK (CMS) employs more than 190 people nationwide and specialises in the installation, maintenance and repair of business-critical systems such as heating and plumbing.Newable Capital invested in the company in April 2022 with the intention of refinancing a portion of its investment post-transaction.Arbuthnot Commercial ABL has structured and provided the funding package, which comprises an accounts receivable line, a cash flow loan, a Recovery Loan Scheme term loan and a property loan.Newable Capital forms part of Newable, which provides workspace, money and advice to SMEs.Peter Barrand, managing director, Newable Capital, said: “The team at Arbuthnot Commercial ABL went out of their way to make sure that they understood the business and made it clear that they wanted to do the deal. While all lenders tend to be responsive pre-deal, we could see their commitment to carrying this through into the relationship following the transaction.”He added: “We have been looking for a commercial management business for some time and were attracted to the culture of CMS, the essential nature of the services, the strong recurring client base and the opportunity for the business to be at the forefront of environmental change.”We are delighted to be working with Arbuthnot to ensure that the working capital is available to fund business growth.”Andrew Rutherford, commercial director, Arbuthnot Commercial Asset Based Lending, said: “We are very pleased to support Peter, the Newable team, and CMS with a tailor-made, multi-product funding solution structured to spur innovation and continued scale.”This is a prime example of how we can work with investors post-transaction to generate working capital for growth organically and via acquisitions, enabling businesses to thrive. We look forward to supporting the team’s exciting plans.”