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Lucas Secures £880,000 in a refinancing exercise with HSBC

Firm name(s)Meta Corporate Finance Ltd
Deal typeRefinancing
Industry sectorFinancial services
Description

Lucas, a retained client of Meta Corporate Finance has secured £880,000 in a refinancing exercise with HSBC. This will enable Lucas to further invest in the business and continue its development and growth.

Meta Corporate Finance and Lucas have a history dating back 7 years when Danny Lucas, Executive Chairman and Managing Director approached Meta to assist with an MBO of the business. Meta have continued to be involved with Lucas in a business strategy role, with Mark Ledger-Beadell attending quarterly strategy meetings. Meta has also assisted Lucas with the recruitment of a Financial Director, Sean Rowbotham, one of Meta's Associates. Sean has a wealth of financial experience which has been fundamental in securing the refinancing with HSBC.

Lucas, an official partner of McLaren, continues to go from strength and this is recognised by the prestigious industry awards they have recently won. On Thursday 13 July 2017 Lucas won Construction News Awards Specialist Contractor of the Year (turnover under £100m) and on Friday 23 June 2017 Lucas won the Business Commitment to the Environment award at this year's KEiBA Awards.

Mark Ledger-Beadell said "It is always rewarding to be involved in a business following an MBO process. There is a lot for the management team to take on-board, coupled with ensuring the business maintains its high standards of excellence, continues to grow, and increases profits. Since the initial Lucas MBO, we continue to enjoy a great working relationship with Lucas and look forward to seeing the business develop in the future". 

Danny Lucas said "This refinancing exercise allows Lucas to continue to invest in the business. Meta Corporate Finance have always provided good advice and Mark always makes valuable contributions to our strategy meetings. Meta are always willing to help and have assisted Lucas with many different aspects since our initial MBO, including commercial development opportunities and introducing us to Sean, our Finance Director. I look forward to continuing our great working relationship with Meta in the future". 

Alan Hopkins, HSBC's Area Director in Kent, said: "We are delighted to have supported Lucas with an £880,000 finance package to enable further investment in the business and continue its development and growth. Lucas is an ambitious company that has been recognised with a number of impressive industry awards, we look forward to seeing what more they can do in the future."

Brian Weare, HSBC's Regional Director for the South East region, said: "The launch of our £10bn SME fund with £200m allocated specifically to Kent reaffirms our commitment to support the growth of Kent SMEs of all sizes, from start-ups to established businesses. We have so many ambitious businesses in our region who are keen to grow locally, nationally and internationally. This fund is all about helping those businesses make investments that will enable them to achieve their goals while stimulating our local economy and creating jobs."

Adviser(s)Meta Corporate Finance
Completion date21st August 2017
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