MKM secures funding to fuel growth
finance: MKM Building Supplies has extended its funding facilities to fuel its ongoing growth strategy.
The Hull-headquartered company – the UK's largest independent builders' merchant – employs about 670 people and provides a range of building, timber and plumbing products predominantly to independent tradesmen and the public.
MKM, which is backed by private equity firms 3i and LDC, extended its funding facilities with Lloyds Bank Wholesale Banking & Markets Acquisition Finance.
The agreement will extend the company's existing debt facilities and provide a renewed capital structure, tailored to the group's continued growth strategy.
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David Kilburn, executive chairman at MKM, said: "We have developed a strong market-leading position through a combination of strategic branch openings and keeping our customers at the heart of our operations.
"This latest deal provides us with an even stronger financial footing from which to continue to target new sites, improve the breadth of our product offering, and enhance our services to the trade and the public.
"Since the business was established, Lloyds Bank has been a highly supportive partner and this financing illustrates the team's belief in our model and long-term growth plans."
Gary Styles, director at Lloyds Bank Wholesale Banking & Markets Acquisition Finance, led the deal.
He said: "Compared with the house-building sector, spend on essential and small building works has held up relatively well during the downturn.
"This deal illustrates our appetite to provide through the cycle funding support to ambitious, UK mid-market businesses, whose expansion can significantly improve their regional economies."