Arbuthnot Commercial ABL Completes £12m Refinancing For R7M Irwin Mitchell’s Banking Team Advises On The Deal 12.02.2019 David Shirt, Press Officer | 0161 838 3094 Arbuthnot Commercial Asset Based Lending has completed a £12m refinancing for I&C Limited, trading under Red 7 Marine (R7M). R7M is the leading provider of nearshore access solutions to the UK marine construction and maintenance industry, and an investee company of Perwyn Private Equity. This multi-million pound facility will better position R7M to take advantage of future growth opportunities while freeing up Perwyn’s capital in the near term. Banking & Finance partner Jon Bew from the Birmingham office of Irwin Mitchell, advised Arbuthnot Commercial Asset Based Lending. R7M has been involved in prestige infrastructure projects such as the London Super Sewer, Crossrail, Blackfriars station, London Eye maintenance, Canary Wharf and London City Airport. Nick Offord (CEO) founded the business in 1999 as Haven Ports Limited, which was merged with another company in 2008 before Perwyn acquired the enlarged group via a MBO in 2013. Today’s announcement follows a strong first year of deal flow as Arbuthnot Commercial ABL passed its first anniversary in January. To date Arbuthnot Commercial ABL has written facilities for 20 clients such as Tivoli Group and Fluorocarbon Group. Arbuthnot Commercial ABL will look to continue to build off this established momentum throughout 2019 having already made a promising start by completing five deals, one acquisition, two re-financings, one MBO and a PE backed refinance including a property loan. Andrew Rutherford, pictured, Commercial Director of Arbuthnot Commercial ABL, commented: “R7M is a very impressive business led by a highly experienced management team with a clear vision for the future. Having the opportunity to support the business as it expands into new and emerging sectors as well as focussing on its existing core markets is compelling and we wish Nick and the management team every success as they bring their exciting plans to fruition. “Arbuthnot Commercial ABL has already proven itself to be a fast-growing company supported by an exceptionally talented team. We’re delighted that these impressive first year figures emphasise our early successes and are thankful to our wider network and introducer base. Having established such a solid foundation in what continues to be a highly competitive marketplace we’re confident we will carry this momentum in to 2019.” Key contact Jon Bew Partner +44 (0)788 919 8073 Email Jon Press contact David Shirt Press Officer 0161 838 3094 Email David Tags Banking Birmingham ABL Related articles 20.03.2019Government Issues Recommendation for Leasehold Reform 15.03.2019Irwin Mitchell Recruits Hundreds Of Volunteers For Red Nose Day 2019 15.03.2019Irwin Mitchell Scoops Hat-trick At Birmingham Law Society Legal Awards 13.03.2019Sheffield City Region Launches Global Innovation Corridor At MIPIM 2019 08.03.2019Irwin Mitchell Launches Women in Law Timeline 05.03.2019Does A Rest Break At Work Have To Be Continuous?