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BEW, a leading independent electrical wholesaler has secured new funding from Shawbrook as the company gears up for a new chapter of growth under different ownership.
First incorporated in 1983 by founders Phil Webb and Ron Locker, BEW has organically grown to become the nation’s third largest electric wholesaler and now operates 22 branches in the UK, predominately in the South-East and the Midlands.
Already on an impressive trajectory, BEW’s growth accelerated following Managing Director Darren Locker’s appointment in 2015 with turnover doubling in the seven-year period to 2022. Following this record, Darren and the management team have bought out the business from the founders, seeking to align BEW’s ownership with the active management. The company has ambitious expansion plans which include opening new sites and moving into the green power industry.
The full terms of the eight-figure deal include a Confidential Invoice Discounting facility, with an eight-figure sum provided as day one funding to support the MBO, as well as a substantial property loan which will give BEW the headroom to execute its growth plans.
Shawbrook was chosen as the funding partner due to the strong relationship built with BEW, the flexible terms the lender was able to offer as well as its team’s deep understanding of challenges brought by non-sponsored MBOs.
Shoosmiths acted for Shawbrook on the deal and Moore Kingston Smith conducted the financial due diligence.
- Darren Locker, Managing Director at BEW
Darren Locker, Managing Director at BEW, said:
"I would like to express my gratitude to Shawbrook for the package the team have assembled for us as we begin an exciting new era for BEW. The terms offered will allow us to expand the reach of our business, supplying top-quality electrical goods to over 2,000 clients up and down the UK.”
“I would also like to say a heartfelt thank you to the founders, Phil Webb and my father Ron who have done so much to turn BEW into the enterprise it is today. I very much look forward to leading BEW into this new chapter and am pleased to have Shawbrook’s support whilst doing so.”
John Palmer, Director of Structured Finance at Shawbrook, said:
“It was a pleasure to work with Darren and the whole management team at BEW on this deal and we are delighted to be able to support them as they continue to go from strength to strength”.
“Already an industry leader in their field, the flexible terms agreed will provide the management team at BEW with the means to facilitate their growth plans, which include potential new locations and expansion into new fields. We look forward to supporting them as they continue this journey.”
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