Refinancing for Stone Computers
Stafford-based IT solutions business Stone Computers has received a £17.5 million debt package from PNC Business Credit with the help of a team of Birmingham-based advisers led by corporate finance advisory business Cattaneo.
Stone is an £85 million turnover market leader in the supply of IT solutions to the public sector, providing a range of high quality hardware and software solutions and services to its customer base in education and, increasingly, to local government, NHS, emergency services and central government customers.
The company, which is led by chief executive Simon Harbridge and chief finance officer Mark Audin, employs 200 people at its state-of-the-art 100,000 sq ft assembly and distribution centre at Acton Gate.
Stone appointed Cattaneo, whose team comprised Martyn Pilley and Sam Turton, to advise on the options for refinancing its debt facilities in order to support its growth plan.
Drew Johnson, Midlands regional director at PNC Business Credit, structured an asset-based finance package to refinance the existing term loan and revolving credit facilities. Andrew Madden and Alison O’Kelly of Gateley provided legal advice to Stone Computers while William Roles and Rory Milligan of Mills & Reeve acted as legal advisers to PNC.
Mr Audin said: "As a management team we have developed a clear strategy for the business but were operating in a financial structure that lacked the flexibility we needed to drive the business forward. We are pleased to have selected PNC who showed great enthusiasm for our business and we look forward to working with them."
"With Stone’s senior management team having only recently come together, and with a number of exciting initiatives on their plate, they appointed us to run the whole refinancing process which involved using our knowledge of the debt market to identify appropriate lenders and run a competitive process to structure facilities that support their growth plans," said Mr Pilley.
Mr Johnson added: “We were impressed by the job that Simon and Mark have done in focusing the business on its core strengths to give it a platform to grow in new markets. We are delighted to have been able to support them by providing a significant funding package that meets their needs."
