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Banbury-headquartered Bibby Financial Services (BFS) has provided multi-million pound funding to enable a management buyout (MBO) at Maidstone-headquartered price comparison technology platform Comparison Technologies.
In July this year, the business needed a new funding partner to enable an MBO and support continued cashflow and it was introduced to BFS’ corporate team.
Led by corporate sales manager Michael Reid, BFS provided the Kent company with a multi-million pound invoice discounting (ID) package.
Peter Callander, the chief financial officer (CFO) of Comparison Technologies said: "As we enter a new era of the business, it was crucial that we partnered with a funder that recognised our specific business needs and our vision for the future.
"The team at BFS have exceeded our expectations, and I am excited about what is ahead for Comparison Technologies with BFS at our side."
Comparison Technologies is a multi-channel price comparison technology enabler for home digital services (broadband, mobile and TV).
It partners with businesses to develop made-to-measure comparison and switching services for their own customers. It also powers switching directly to consumers through its own brands – Broadband Finder, Broadband Compared, Digital TV, and Mobile Phones.
Darren Miller, partner at FRP Corporate Finance, which introduced BFS to the company, commented: "Comparison Technologies is comprised of a team of hardworking and dedicated professionals, evident in the management buyout that took place in order to take the business forward.
"We’re delighted to have advised the management team on its MBO, and to have facilitated this partnership with BFS, which proved it was the best fit due to its attitude, flexibility, and commitment to matching the business’s needs."
BFS provides specialist and adaptable trade, asset and working capital finance to help businesses to grow in domestic and international markets. Established in 1982, BFS is part of the Bibby Line Group (BLG).
The company supports nearly 8,500 SME clients around the world. Its products includes foreign exchange, export and trade finance, as well as specialist finance for the construction sector.
BFS was supported from a legal perspective by David Gledhill and Rachael Killworth from Bermans.
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