Global MP gains new funding
Tuesday, March 18, 2014
Global MP has secured a fresh £7.5m working capital facility from Centric Commercial Finance.
The new funding provides the firm with the financial headroom to “take advantage of market opportunities” including potential further acquisitions, according to a statement from chief executive Kevin Dunstall, who said: “We are committed to delivering on a fast-paced buy and build strategy, scaling the business rapidly, whilst continuing to provide exceptional standards of service to our clients.”
He said the firm’s previous funding line was “insufficient to support the scale of our planned acquisition programme.”
The £36m turnover company was formerly St Ives Direct Bradford. It was acquired by Dunstall’s Cogent B2B vehicle for £8m in September 2013.
PrintWeek understands that the new Centric financing replaces Global MP’s original arrangement with Bibby, through which it funded the original acquisition using Bradford’s debtor book.
The sale deal included a deferred payment of £5m to be made in instalments, although the original schedule has been modified. St Ives remains a major customer of the company.
Tim Hawkins, commercial director at Croydon-based Centric, said he was “delighted” to support Global MP’s acquisitive plans. “In many ways, this transaction represents what Centric does best, working as a team at a fast pace in order to help our clients achieve their strategic objectives with increased ease and certainty," he said.
The financing is secured via a wide-ranging fixed and floating charge covering Global MP’s real property and certain assets.
St Ives still owns the Bradford site.
Dunstall was unavailable for further comment.
Global MP managing director Jim McKie left the business last month, there is no news as yet on a replacement.
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