Shawbrook Bank provides an asset-based lending facility to national supplier of commercial vehicle ply-lining, conversions and accessories, Fast Fit Nationwide. The funding line was delivered to support the latest change in ownership of the company as it undergoes a management buy-out.
With depots in Bromsgrove, Stratford-on-Avon and West Bromwich, Fast Fit Nationwide supplies commercial vehicle ply-lining, tow-bars, seat conversions, auto-glass and vehicle accessories to Blue Chip business and retail customers across the UK. Founded three decades ago by Dave Bradley and exiting Shareholder Dave Fowler as a Vehicle Glazing Replacement Company, the business has expanded to offer a much wider service, including an aftercare market, with almost 40 employees.
The management team at Fast Fit Nationwide now consists of Darren Smith, Paul Hickman, and founding shareholder, Dave Bradley. The team at Shawbrook worked closely with Darren, Paul and Dave to understand their business before then structuring a complex facility that truly worked for them.
The company were advised on the deal by Bishop Fleming and received legal advice from MFG Solicitors, Thomas Horton and Thursfields.
Dave Bradley, Director at Fast Fit Nationwide, says:
“We needed a line of funding that would enable us to drive our business forwards with confidence as we undergo this milestone in our journey. The solution that Shawbrook tailored for us, combined with their good-sense approach, is just what we needed.”
Terry Wolfendale, Regional Managing Director at Shawbrook Bank, says:
“Having supported a number of MBOs so far this year, at Shawbrook we’re well aware that each team, transaction and situation has its own characteristics and sensitivities. So we’ve spent a lot of time with the team at Fast Fit, alongside Charles Davey at Bishop Fleming, to propose a funding solution that will support the MBO and set the business on the next chapter of its story.”
Charles Davey, Corporate Finance Partner at Bishop Fleming says:
“I am delighted to have advised Darren, Dave and Paul on completing this management buy-out. The team have considerable experience in the industry and are in a great position to now deliver the next phase of development.”