OakNorth Bank provides £1.75m loan to support BTTC Infrastructures’ management buyout
OakNorth Bank, the UK bank for entrepreneurs, by entrepreneurs, has provided facilities totalling £1.75 million to BTTC Infrastructure to support a management buyout.
Founded in December 2016, the business has over 50 full-time consultants across project management and commercial services. It caters to the UK and Canadian markets, providing procurement and supply chain services, project management services, and commercial services with a focus on rail infrastructure sector clients. Over the last six years, the team has established a track record of successful delivery of local and national infrastructure projects totalling billions of pounds and winning numerous industry awards.
The management buyout will see two of the three founding members (Kevin McGeever and Nick Spall) exit the firm. The firm’s growth will then be driven the new management team, who have rich experience and good relationships in the rail infrastructure market with both having worked at Network Rail previously.
Rob Offord, Co-founder and Managing Director of BTTC Infrastructure, commented: “This management buyout is an exciting next step in BTTC’s journey – over the next few years, we plan to diversify into other infrastructure sectors and new geographic markets. Our name – BTTC – stands for better through total collaboration as we believe in long-term, mutually beneficial relationships which operate on a truly collaborative level. This is a sentiment shared by the team at OakNorth Bank – they’re highly collaborative and relationship-driven, with strong commercial acumen and enthusiasm for supporting entrepreneurs like myself.”
Steve Wilson, Director of Debt Finance at OakNorth Bank, continued: “BTTC is a highly impressive business – in just six years, it has managed to build an impressive list of blue-chip clients in the industry and establish robust, long-term relationships. The business has experienced extraordinary growth in the last few years, seeing revenues increase 10-fold from £520k in 2017 to £5.1m in 2021 – a testament to the exceptional management team led by Rob and Sam. This was a competitive process, but we were able to differentiate from other lenders and ultimately win the opportunity to support BTTC with a more flexible structure. We’re delighted they’ve chosen us and look forward to continuing to support them on their future growth.”
OakNorth Bank was introduced to the transaction by Menzies, the chartered UK accountancy firm.