Family-owned tanker group buys counterpart
FAMILY-OWNED TANKER GROUP BUYS COUNTERPART
A family-owned group in Warrington that specialises in emptying and servicing septic tanks and delivering non-drinkable water has bought a counterpart in North Yorkshire with the help of a £4m funding deal.
Universal Tanker Group has acquired Waters Waste Services, which is based in Stokesley.
Simon Gunn, managing director of Universal Tanker Group, founded his business in Warrington a decade ago.
He said: “This acquisition is the business opportunity of a lifetime, a real game-changer. It is exactly what we needed for the business and will dramatically expand the group’s national reach and presence.”
The transaction was supported by a £4.1m funding deal from Shawbrook Bank arranged by PMD Business Finance. This deal released additional funding to acquire Waters Waste Services along with ongoing working capital to enable the group to pursue its growth aspirations.
Richard Fothergill, business development director of PMD Business Finance, said: “I have a long-established working relationship with Simon and Toby Gunn, having sourced finance for a number of tankers and plant for the business over the last ten years.
“For this acquisition, I knew their funding requirement was more than just a conventional refinance, and called upon Shawbrook Bank for its support in developing a structured funding solution, including invoice discounting and asset finance facilities, and a cash-flow loan. This resulted in Shawbrook maximising the availability of funding by structuring a comprehensive £4.1m funding package.”
Jonathan Rostron, regional managing director for Yorkshire and the North East at Shawbrook Bank, said: “We are delighted to be working with Universal Tanker Group for three reasons.
“Firstly, it is a business that is clearly going places. The recent acquisition brings together two complementary family businesses to create a group that offers a strong national presence.
“Secondly, this was our first deal for our new regional office and as such, becomes an important part of the growing Shawbrook Bank story in the region.
“Thirdly, it exemplifies perfectly why our personal relationship-based approach to business is as important as ever – because it never went out of fashion.”