One of the UK’s leading IT distribution businesses is set for prolonged growth thanks to the support of a six-figure funding syndicate led by Lloyds Bank.
Westcoast, headquartered in Theale, Reading, was established in 1984 and distributes leading IT brands including Apple, Microsoft, Hewlett Packard and Lenovo to a broad range of resellers, retailers and office product dealers in the UK and beyond.
As a long standing client of Lloyds, the bank leads the syndication of the invoice discounting facility. The lender group is formed of ABN AMRO Commercial Finance, BNP Paribas and Wells Fargo, with Norton Rose Fulbright LLP as legal counsel.
As part of the transaction, Lloyds arranged £150m additional funding from the new lenders, taking the syndication to a total value of £300m. The funding will provide Westcoast with the working capital needed to enable the company to continue to grow year on year.
CFO Westcoast Group Sunil Madhani said: “This new facility will allow us to continue to be agile and flexible for our customers and grow as a leader in the IT channel.”
Martin King, Director at Lloyds Bank Commercial Banking, said: "We've been working with the business for three and half decades, and the latest additions to the syndicate will enable it to invest in its future, part of our commitment to helping Britain prosper."
Jeremy Harrison, Head of Sales at ABN AMRO Commercial Finance, added: “We are really pleased to have partnered with our associates on this syndication, providing Westcoast with a suitable funding solution that will enable continued growth.”
Westcoast currently has an annual turnover of £2.8 billion and employs over 1,750 people across its sites in the UK and Ireland. The business is consistently ranked in the Sunday Times Top Track of the 100 Largest Privately-owned UK Companies, and is currently the largest privately-held company in the Thames Valley.