Muckle advises Esh on £6m funding acquisition
Lawyers from our real estate finance team have acted for Esh Construction, the main trading arm of Esh Group, in its securing of £6m funding from Bibby Financial Services (BFS).
Headquartered in County Durham, Esh Group is one of northern England’s largest privately owned construction businesses. It provides services, ranging from civil engineering to affordable and private housing, to clients in the private and public sectors.
BFS is a leading independent financial services partner to over 9,000 businesses worldwide, providing financial services to help businesses grow in domestic and international markets.
The £6m asset-based funding package will assist Esh Construction in achieving its ambitious growth plans across both the North East and the Yorkshire and Humber regions.
Andy Radcliffe, Esh Group’s chief executive officer said: "We are very proud of the business we have built and the reputation we have earned in over half a century of operation.
"Securing the right funding partner was vital to us achieving the next stage of our growth ambitions. Flexibility, a deep understanding of our industry and recognition of our solid financial footing were essential components of our selection process, and this is what we have found in BFS.
"The team went above and beyond to create a custom package in line with our requirements, and we look forward to working with BFS in delivering our ambitious investment and future growth plans.”
David McIntyre, corporate manager at BFS added: “We are delighted to have been able to provide Esh Construction with a facility that fits its need, and to be its chosen funding partner.
"The North East construction sector has suffered some high-profile business failures in recent months however this opportunity confirms our commitment to the sector both regionally and nationally.
"Esh is very well placed to capitalise on a plethora of regional opportunities and we are excited to welcome them as a long-term client of Bibby.”
Within Muckle’s banking and finance team, Zoe Ditch, associate solicitor, and Louise Duffy, partner and team head, advised Esh on the factoring and security documentation. Claire Naughten, associate solicitor in our real estate team, led on the property advice and reporting work.
Zoe said: “We were pleased to advise Esh on this transaction. This funding has not only ensured that Esh has solidified its market presence, but also ensures the company’s greater contribution to the regional economy”.
Andy added: “We have worked with Zoe, Louise and Claire many times previously and, yet again, they were extremely professional throughout the whole process. Their skills and abilities in being able to navigate a bespoke facility that wasn’t ‘off the shelf’ were key in getting this deal over the line.”