TLT advises on strategic refinancing of BRCK Group PLC

TLT has advised BRCK Group PLC (formerly Brickability Group PLC), the AIM listed distributor and provider of specialist products and services to the UK construction industry, on the amendment and restatement of its existing facilities with Barclays and HSBC.

The BRCK Group operates across the UK through four divisions (Brick and Building Materials, Contracting, Distribution and Importing), trading through a number of business names. Following a period of continued strategic growth combining acquisitions, geographic expansion and diversification, revenue has also grown almost 5% year on year.

TLT acted for the Group through its latest refinancing exercise which will give it the debt finance platform to support its continued growth ambitions.  Barclays and HSBC have provided £110 million of term and revolving facilities for a minimum period of three years (with two +1 options available). The facilities also cater for an uncommitted accordion of up to £40 million to support further strategic acquisitions. This is in line with the Group’s strategy since flotation and re-banking in 2019 of utilising facilities to fund its working capital requirements and a number of strategic acquisitions, growing revenue by more than 600%.

TLT guided BRCK Group through the transaction, led by Managing Associate, Peter Smartt, who said: “It’s been fantastic to work with the team at BRCK Group PLC as they continue to perform strongly in a challenging market. Securing renewed facilities with Barclays and HSBC for at least the next three years will put the Group in a great position to unlock further growth through strategic bolt-on acquisitions and diversification of the Group’s portfolio of businesses.”

Mike Gant, BRCK Group PLC Chief Financial Officer, commented: “We highly value TLT’s commercial approach and responsiveness, the team are clearly passionate about delivering a great and timely service to their clients. They provided straightforward and clear guidance on matters and are not afraid to challenge, which helped us to make the right commercial call for our business.”

The TLT team advising BRCK Group PLC are banking partner Euan Cluness with Managing Associate Peter Smartt and Associates Xeni Ksinanova and Hope Phillips; Corporate Senior Associate James Crotty; and Real Estate Partner Philip Collis, Managing Associate Saiema Hussain, Associate Yasin Ahmed and Trainee Solicitor Lisa Tennant.

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