Facilities management company, Westgrove Group has secured funding of £6m from Independent Growth Finance (IGF). The funds will be used to provide working capital and support the growth of the business.
Based in Warrington, Cheshire, Westgrove Group has grown steadily since its formation in 1998, and provides security, cleaning, maintenance, customer service and operational support across some of the UK’s largest regional shopping centres, mixed-use destinations, corporate offices, business parks and airports.
Westgrove Group, which is aiming to exceed revenues of £30m by the end of the year, up from around £26m currently, has over 70 sites across the UK including in the retail and mixed use, corporate, leisure and manufacturing sectors. These include Touchwood Shopping Centre in Solihull, a contract that mobilised in November 2020 and is over 5 years, valued at over £10m. The group also have a long-standing relationship with Market Place Shopping Centre in Bolton.
The funding secured will enable the business to hone its offering, grow and strengthen its customer base, and target more sectors including hospitality. A recruitment drive is also under way to aid the business’s growth.
Paul Grace, Managing Director at YB Financial Advisory, who acted as an intermediary between IGF and the business, commented: “Although it was the first time I worked with IGF, I quickly recognised that they were best placed to support Westgrove Group in their ambitious growth goals.”
This was reinforced by Chairman and Co-founder of Westgrove Group, Simon Whittle, who reflected on the company’s experience in securing funding: “In IGF, we knew we had found a partner with a positive, action-oriented mindset, that understood our vision. They were able to progress discussions at pace and offer us precisely the flexibility that we need in order to achieve the growth we are envisaging.”
Richard Spielbichler, ABL (Asset Based Lending) Director at IGF, commented: “We are proud to partner with Westgrove Group to support the business’s next chapter of growth. IGF took the time to understand the business’ requirements and Management’s future strategy, ensuring that we put in place a flexible funding package that will enable the business to strengthen its offering, as it turns its sights on new sectors as well as opportunities within its existing customer base.”