BFS provides £5m funding line to Aspray Group to drive growth
Bibby Financial Services has provided a £5 million working capital facility to international delivery and logistics company, Aspray Group, following its recent acquisition by Bushell Investment Group.
Based in Willenhall and founded in 1982, Aspray Group is made up of three divisions: Aspray Transport, Aspray Logistics and Aspray International.
With established local and national networks, the business services entire supply chains; from source, to warehousing, order selection, stock rotation and national 24-hour delivery, with a 400-strong fleet. The business also offers global import and export services through its international dispatch system.
Bushell Investment Group’s acquisition of Aspray comes as it looks to drive growth with a new business strategy. To support the acquisition, BFS’s Corporate team structured a working capital facility to ensure steady cashflow and assist growth plans.
Lee Bushell, chief executive of Bushell Investment Group, said: “We required a working capital facility that could combine speed with flexibility as we embark on a new chapter with Aspray. The team at BFS were extremely transparent from the start, and we felt confident they could deliver a well-structured facility that met our needs.
“As a business, Aspray likes to make clients feel like it is an extension of their business and it was clear that BFS holds the same values. This coupled with the speed at which they could deliver made our decision to partner with them an easy one.”
Chris Sygrove, corporate manager at Bibby Financial Services, said: “We worked closely with Bushell Investment Group’s management team to ensure we provided a facility that exceeded their expectations, outlining clear deliverables and timeframes at all times.
“Aspray’s new leadership team has high energy and ambition for the company. With a working capital facility to manage its cashflow, the business is in a better position to achieve its desired growth.”
Bibby Financial Services is the UK’s leading independent invoice finance specialist and a trusted provider of funding solutions to 7,000 businesses.
It has a network of 19 local offices and handle annual client turnover of £5 billion and advances more than £500m to small and medium-sized businesses throughout the country.