National crematorium operator Westerleigh Group, based near Yate, is aiming for a major expansion after receiving a £108m financial package from Lloyds Bank Commercial Banking.
The firm, which launched in 1992, plans to increase its 21-strong chain of crematoria to 30 before 2020.
The bank funding means the firm can move ahead with new developments in Broxbourne, Hertfordshire, and Ormskirk, Lancashire, having already secured planning permission for the sites.
It is also investing in its original crematorium in Westerleigh by opening a new bereavement suite. This will allow wakes to be held on the site – a concept it plans to roll-out at more of its sites nationwide.
The group handles nearly 30,000 funerals a year, making it the leading developer and operator of crematoria and cemeteries in the UK. It also works with an increasing number of local authorities to manage their cemeteries and crematoria.
An all-Bristol team of advisers worked on the funding package. Law firm TLT, whose team was led by banking and finance partner Gary Roscoe, acted for Westerleigh while a team from rival Burges Salmon, led by banking and finance partner Rachael Ruane, advised long-standing client Lloyds Bank.
Westerleigh finance director Alison Whitehead said: “We are proud to have established ourselves as the most experienced developer of new crematoria in the UK, and this continuation of our long-standing relationship with Lloyds Bank will enable us to support more communities nationwide.
“We’re already working to achieve our growth plan with the addition of new sites as well as through other planning applications in the pipeline and investment in our existing locations, and we look forward to continuing to work with the bank in the months and years to come.”
Lloyds Bank Commercial Banking relationship director Andy Hart said: “We’re committed to supporting mid-markets businesses like Westerleigh Group that thoroughly understand their industry and have a solid business plan in place to remain competitive.
“The company has built its reputation on providing quality care and service to clients over the past two decades, and we will continue to support the business’s management team as its expansion continues.”
Pictured: Westerleigh finance director Alison Whitehead with Andy Hart of Lloyds Bank
