Natwest Business Banking | Whistl UK Limited completes MBO

Natwest Business Banking | Whistl UK Limited completes MBO

28th October 2015 - Marlow-based Whistl UK Limited has completed a Management Buy Out (MBO) after securing a £65million Asset Based Lending facility from Royal Bank of Scotland.

 

The MBO has been led by Chief Executive Officer at Whistl, Nick Wells. It comes on the back of a decision by its parent company PostNL to review its UK operations and transfer the controlling stake of the business to the Whistl management team. As a result of the transaction PostNL have retained a 17.5 per cent share in Whistl.

Whistl is the second largest postal operator in the UK and its business divisions include downstream access (DSA), doordrop media, international, packets and parcels and logistics. The company, formerly known as TNT Post UK and led by CEO, Nick Wells, has grown from a greenfield operation in 2004 to collecting, sorting and transporting nearly 4 billion items a year and employing circa 1,700 people.

The Asset Based Lending team at Royal Bank of Scotland has structured a £65million ABL facility that will enable further investment across all business divisions. ABL liberates the cash held within the company’s assets, thereby giving the Whistl management team access to substantial sums of working capital to support the MBO transaction.

Nick Wells CEO Whistl said:

Through a management led company, Whistl will continue to build upon its entrepreneurial heritage. We will continue to challenge, innovate and provide great service to customers, whilst retaining the support of PostNL. We are delighted to be working in partnership with RBS during the exciting next phase of our development.

Oliver Wilson, Head of Southern Asset Based Lending for Royal Bank of Scotland said:

We have worked closely with management over the last three years and built up an excellent working relationship across the business. The support of a tailored ABL facility to help fund future investment is just the beginning of an exciting new chapter for Whistl and we look forward to seeing the positive results.

 

 

We have worked closely with management over the last three years and built up an excellent working relationship across the business. The support of a tailored ABL facility to help fund future investment is just the beginning of an exciting new chapter for Whistl and we look forward to seeing the positive results.

Security may be required. Product fees apply. Over 18s only.

Invoice financing services are provided by RBS Invoice Finance Limited. Registered in England No. 662221. Registered office: Smith House, Elmwood Avenue, Feltham, Middlesex TW13 7QD

Set Tab for lightbox