Birkin Group has secured a growth loan from the alternative lender, BOOST&Co, as well as a flexible invoice discounting (FID) facility from the lender’s sister company, Growth Lending. The loans, provided by both lenders, offer a tailored funding solution to Birkin Group that is expected to create new jobs across the organisation and enable the business to invest in new technology.
Established in 1972, the nationwide business has grown to become an award winning and technology-led commercial cleaning business that provides all aspects of cleaning, pest and waste services to clients across the UK. With more than 250 clients across a variety of sectors including education, commercial, public sector, distribution and construction, Birkin Group continually innovates its offering and was the first company in the UK to launch the state of the art ICE EcoBot – a fully autonomous robotic cleaning range.
The loan from BOOST&Co will be used for growth capital and the repayment of legacy shareholders. The facility from Growth Lending will be used to provide ongoing working capital to the organisation. It is anticipated that the funding provided will enable the executive leadership team to drive the business forward, invest in new cleaning technology and support the overall growth of Birkin Group.
BOOST&Co and its sister company, Growth Lending, have chosen to work with Birkin Group due to the organisation’s strong and highly experienced management team. The business has an excellent reputation in the industry, with a successful financial performance. Both lenders were also impressed with the organisation’s technological innovation and identified the strong market drivers for the sector in which Birkin Group operates, particularly in the wake of the pandemic where there will be an increased level of hygiene awareness and an ongoing sanitisation requirement.
Commenting on the deal, Kim Martin, head of the South and Midlands at BOOST&Co, says: “We are absolutely delighted to support Paul, Tyrone and the rest of the team at Birkin Cleaning Services on this deal.
“The business has demonstrated strong financial performance and is ideally placed to maximise the opportunities presented by the current environment and the need for enhanced cleaning and sanitisation.”
Regional director Tom Stewart, who led the deal for Growth Lending said: “Birkin Cleaning Services is an excellent example of a strong business making use of our flexible facilities to accelerate its growth.
“This deal is also a great example of BOOST&Co and Growth Lending’s collaborative approach to funding, as we have been able to offer a tailored package that can grow and evolve as Birkin does.”
Paul Ashton, CEO at Birkin Group, says: “Working with both BOOST&Co and Growth Lending made sense, as both lenders have worked collaboratively to understand our proposition and drive to achieve growth.
“Our business has continued to innovate and this funding enables us to push this growth further, bring new team members on board and invest in more technology to support the facilities management market that we operate in.”