Virtua UK02 November 2017
Shawbrook supports Virtua UK with £4,000,000 growth capital facility
Shawbrook is delighted to have supported Virtua UK Ltd with a £4,000,000 working capital facility designed to deliver its ambitious growth plans.
Virtua is a leading provider of bespoke RF (Radio Frequency) communications infrastructure services to the telecoms, broadcast and wireless industries and is a portfolio business of private equity house, Connection Capital. The business has made a number of recent acquisitions and organic growth is gathering significant momentum.
It was clear that Virtua had outgrown the previous incumbent’s funding capabilities and Connection Capital invited Shawbrook to structure a confidential invoice discounting facility that would provide a quantum increase from £1.5m to £4m to generate the additional availability to meet increasing customer demand.
Miles Otway, Partner at Connection Capital, explained: “Payment in 60 to 90 days is typical within Virtua’s market and Shawbrook stepped up to provide a more substantial working capital facility, with the level of headroom appropriate to fund Virtua’s growth expectations.”
He continued: “Shawbrook offers very short reporting lines right through to the underwriters and this partnership approach makes all the difference. Having worked with the team on a few transactions now, they have proved themselves to be relationship driven, communicative and responsive, giving us total confidence in deal execution.”
Tim Hawkins, Managing Director at Shawbrook Bank said: “We are delighted to support Virtua’s experienced management team in providing the quantum of working capital required to scale rapidly. The business is now equipped with the necessary funding to capitalise on the considerable opportunities afforded by this vibrant and expanding sector.”