evo business supplies secures £90 million funding agreement

evo business supplies has secured a substantial £90 million funding arrangement with Leumi ABL and Close Brothers, replacing expiring facilities and reflecting improved financial performance, positioning the company for future growth

This replaces the existing facilities, which were due to expire in December 2023, and consists of an £80m invoice finance facility and a £10m term loan.

The restructuring of this financial arrangement reflects substantial improvements in evo’s recent financial performance. 

Their focus remains on delivering for UK and Irish customers and suppliers, bolstered by strong stakeholders and an improved financial outlook.

The collaboration between Leumi ABL and Close Brothers aims to support Evo’s growth plans and strengthen its financial position.

James Woolley, Endless partner, comments, “We are pleased with the material improvement in evo’s performance over the last 12 months and this refinancing both reflects that and creates opportunities to accelerate the development of evo in the months ahead. ”

John Walsh, Regional Sales Director at Leumi ABL, says, “This is a great example of two lenders working together with a supportive PE Sponsor and we look forward to supporting evo Management in their exciting development and growth plans, seeing the business grow from strength to strength.”

Andrew Metcalfe, Head of ABL Sales, North at Close Brothers, says, “Close Brothers are delighted to support evo and Endless with this refinance package. Along with our partners Leumi ABL, the facilities provided will support the ongoing growth and strategic vision of the evo management team with the ongoing support of Endless.”

For more information, visit, www.evo-group.co.uk.