Active throughout the whole of the South East, HRSRail was founded in 2015 by Lance McKay and the management team of Ashley and Jake Noonan have been involved in the business since its inception.
They are a leading supplier of specialist track-related products and services to the UK Rail Industry.
McKay had recently stepped back to pursue other interests and the management team are now looking to continue building on his previous success.
Led by Regional Director, James Lowe, SME Capital have agreed to provide a bespoke 5-year £2.5m term loan to facilitate the buyout.
Commenting on the funding arrangement, Ashley Noonan said:
“Despite having a number of finance options open to us, we chose to partner with SME Capital based on the strength of the relationship and their commitment to support us long-term. SME Capital have been great to work with throughout the process of the deal, we look forward to working with them over the coming years.”
SME Capital Regional Director, James Lowe added:
“HRSRail provides a critical service to some of the busiest stretches of railway in the country. We are delighted to have supported Ashley and Jake with a finance package that enabled the buyout of Lance, and we look forward to building a successful partnership as we seek to support the business with their strategic objectives. SME Capital’s funding will enable the team to drive the business forward into the next stage of its development.”
SME Capital were supported by Katrina Groark of Gateley Legal, who provided legal advice.
If you would like to MBO financing in more detail, or find out more about our wider funding options, please do get in touch.
About SME Capital
SME Capital was founded to support the growing number of SMEs who face difficulty or frustration in accessing capital through traditional methods. We understand the importance of real and trusted relationships in the SME lending market and have dedicated Regional Directors based across the UK. By combining traditional lending expertise with the latest in data analytics, we are supporting established UK SMEs with their long-term objectives and business ambitions.
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