Aldermore bank has provided a £1.3 million construction finance facility to the management team of Horizon Controls, the building systems architect, enabling them to purchase the business from a majority stakeholder. The deal included a Coronavirus Business Interruption Loan Scheme (CBILS) facility.
Horizon Controls Ltd believe smart cities start with intelligent buildings and is committed to maximising the opportunities and increase in demand for intelligent building management system infrastructure within commercial and living asset sectors in the UK and across Europe.
Joseph Simpson, senior relationship manager at Aldermore bank, said: “We’re delighted to have been able to support the ambitions of the management team to complete the management buyout. Our bespoke construction finance facility provided the funding they needed to enable the business to prosper and focus on achieving their next goals. We’re excited to see the next stage of Horizon Controls’ growth and continuing to develop a strong relationship with them.”
Craig Needham, CEO of Horizon Controls, said: “Covid-19 restrictions meant that all meetings with Aldermore were undertaken online, but the entire three-month transaction was handled professionally and seamlessly. It was clear that we were in very safe hands with all parties, and we are happy with the deal secured.”
Reach Commercial Finance, the independent financial brokerage, recommended Aldermore for the funding.
Phil Trueman of Reach Commercial Finance, said: “With a new senior management team working within a global sector that’s booming, we’re looking forward to watching the company grow and expand into different markets and countries. We’re also extremely grateful to Eric DeArmitt and Shaun Bennett, at Aldermore, for their assistance on this deal.”
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