Insulation and fire protection expert Aran Services has secured £1.5m in working capital from Independent Growth Finance (IGF).
The funds, which were raised using invoice discounting, were used to support the recent MBO and to provide working capital to support the continued growth of the business.
Founded in 2004, the Suffolk-based company specialises in domestic and commercial energy efficiency and fire safety, working with schools, social landlords, local authorities, utility providers and home owners, to ensure their systems are up to scratch.
After their incumbent bank failed to deliver the funding required for the MBO, Aran Services was referred to IGF by corporate finance advisors Ensors.
IGF’s funding was made available within the timescale set out by the management team, enabling them to complete the MBO and focus on delivering the next phase of growth for the business.
Mark Randall, Group Managing Director at Aran Services, reflected on the company’s experience working with IGF: “From the outset IGF has been a breath of fresh air – friendly, open and approachable. The team has worked with us to understand the mechanics of our business and our cash-centric business model. We really appreciated such a customer-focused approach, and with IGF also being an SME, we felt very comfortable aligning with them. The feeling was mutual – we’re a low risk and easy deal – and so the partnership was formed. We’re very much looking forward to continuing working with them in future.”