Kinloch have arranged development funding of £12.6m for clients in the Midlands to purchase an industrial estate and to enhance its value with new tenants following refurbishment. The funder is a European Bank who have provided a term loan of £8.65m for 5 years and development funding of £3.95m at competitive interest rates.
Sigma Technologies Ltd , the Yorkshire based niche engineering company , was sold on 14 November 2014 to Altech Precision Ltd . Kinloch were retained by the owners of Sigma in early August 2014 to find a suitable buyer and advise on the sale. Kinloch M&A team researched the market , prepared and marketed the Information memorandum and introduced the buyer to Sigma. Kinloch advised on the sale process through to completion. The transaction was completed in November for an undisclosed sum.
Kinloch have arranged a £17m facility for their client Harlow Real Estate to purchase and develop a 5 acre site in Essex . The site will be developed as a Joint Venture with several Far East investors. Planning has been obtained for 16 executive houses along with leisure facilities.
Kinloch arranged funding of £2.25m for their client Maddern Developments to purchase a site in the Cotswolds with outline planning for 3 luxury houses and fund the build costs over an 18 month period. Work on site is scheduled for early September. The site was bought at auction after keen bidding from several larger developers. Kinloch had previously arranged funding in 2011 for Mr Maddern on a scheme of 15 mid range houses in Gloucester which was completed and fully sold in 2012.
Over the past 6 months Kinloch has completed a number of significant fundunding deals and sales of businesses :*Term finance of £3m for the purchase of industrial units in the Midlands.*Refinance of hotel / Spa complex in the North East. Arranged Senior debt of £5.7m and introduced a £2.5m equity investment.*Arranged Development funding of £7.85m for a new build hotel scheme in the North West for a long standing hotel group client.*Introduced Private Equity investor who provided £7.6m into a fast growing wholesale drinks company. Kinloch had previously advised on the MBO deal in 2010 when the business was bought from a PLC.*Purchase of offices for a professional firm in Middlesborough who could not secure a term loan from their local bank to buy the freehold offices that they previously leased. Arranged a term loan of £300k on competetive terms.*Refinance of investment property portfolio in Bristol. Funding of £19.5m raised from a UK lender to reploace several Irish based funders where fixed rate deals were expiring in 2013.*Sale of 3 pharmacies in Newcastle for £2.3m to Saxton Healthcare Group as part of their expansion into the North.
Kinloch has continued to be proactive in completing funding deals in the quarter to September 2012. Major deals completed were : (1) . Term finance of £3m for purchase of industrial units for a manufacturing company based in the Midlands. (2). Refinance of hotel / spa complex in the North East , Senior debt of £5.7m and introduction of £2.5m equity from private investors. (3). Development funding of £7.85m for a new build hotel scheme on Merseyside for a long standing hotel group client. (4). Refinance of offices in North Yorkshire for professional services firm to buy out a retiring partner and provide long term facility secured against the commercial property.Debt arranged £750k.
Another very active couple of months at Kinloch. We have completed several transactions both in the North of England and in the South East. The major transaction was the refinancing for an acquisition of a distribution company based in Teeside where we introduced new funders who provided a £6.25m bank facility and invested £2.28m for a minority shareholding. The companys existing bankers were not prepared to assist with acquisition finance despite having a 12 year relationship with the company.In the South East we refinanced a carehome operator with a new funder who provided a term loan facility of £4.26m secured against two of their carehomes located in Sussex.In Central London we are involved with a growing hotel group where we have arranged development funding of £37m for a central site . This funding has been a mixture of equity investment and debt provided from European sources.We continue to be very active in helping companies refinance using our long established network of both UK and overseas funders.
Kinloch completed the refinancing for Fairfax Properties commercial industrial estate in Co Durham this month through its City banking contacts. A new 10 year term loan of £6.55m was agreed at beneficial terms through a Far East bank based in London.
The team at Kinloch were involved with the sale of Body Temple , the UKs largest distributor of sports nutrition supplements , to Irish based multinational distributor Allegro Group which is a subsidiary of Total Produce PLC . The business was started in 1993 and has revenues of circa £20m this year distributing some of the markets top sports nutrition brands in the UK and EU markets including Optimium and Gaspari. Kinloch’s search techniques located the vendors company and made the introduction to the purchaser in Dublin. The sale was completed in September 2011 for an Undisclosed Price.