Westerleigh Group, the Bristol-based developer and operator of crematoria and cemeteries, has secured funding of £75m to support its expansion.
The financial package has been put together by a consortium of banks in the South West in a deal led by Lloyds Bank Corporate Markets and including RBS and Santander.
Westerleigh, which owns and manages 18 crematoria across the UK, has expanded its operations significantly in recent years and this new deal both refinances existing facilities and provides support for future growth.
The Lloyds team, led by relationship director Andy Hart and Area director Clive Hetherington, provided £45m of the total funding. Local teams from RBS, led by structured finance director David Moxham, and Santander, led by director Peter Abel, provided a further £15m each.
Bristol law firms Burges Salmon and TLT Solicitors advised on the deal.
Westerleigh financial director Alison Whitehead said: “This new facility will enable us to consolidate our position as the leading privately-owned crematoria group in the UK.
“We have known Clive and the Lloyds Bank team for many years and are pleased to have worked with them on this multi-bank deal.”
Alongside the deal, Westerleigh has also transferred its day-to-day banking to Lloyds Bank Corporate Markets. As part of this arrangement Lloyds Bank has provided an additional overdraft facility.
Mr Hetherington, added: “Westerleigh Group is a fantastic business and we’re delighted to have been able to support them. This deal is a clear demonstration of how well-run businesses with strong management teams are able to secure the funding they require to support their strategic ambitions.
“The regional teams of three banks have worked together to provide a competitive package which will help the company to meet its growth aspirations.”
