Southampton, October 2009 – Laurel Management Holdings ("Laurel"), the large independent chain of funeral directors across the UK, has received a £20m funding package from The Royal Bank of Scotland ("RBS") team in Southampton. This funding includes a significant acquisition facility to support the continuation of the group’s successful growth strategy.
Established in 1995, Laurel is now one of the largest independent funeral directors in the UK, currently operating 46 funeral homes across the UK. Providing all aspects in the care of the deceased and conducting 5,000 funerals a year, they have developed a strong central management function from their Head Office in Wolverhampton raising the service standards for the sector. RBS supported the Sovereign backed IBO in September 2003 at which time Laurel operated 29 sites across five regions. Given the strength of the business model, RBS has been pleased to support Sovereign and Laurel with their Buy and Build strategy, thereby increasing the Group's geographical footprint.
The RBS team have provided a combined package of £20m, which includes a significant acquisition line allowing the company to continue their successful growth strategy and includes a £1m funding line from Lauren Lanham of the Lombard team, to help maintain the quality of the vehicle fleet. Chris Shaw, from the RBS Corporate Banking team in Chandlers Ford will continue to be responsible for the day to day running of Laurel’s banking.
Ian Johnston, Chief Executive, Laurel Management Holdings commented:
"This new facility marks an important milestone in the ongoing growth at Laurel. Our banking relationship
with RBS started six years ago and during the course of this period the bank has continued to work
closely with us, understanding our long term objectives and delivering bespoke finance solutions.
This latest round of funding will enable us to continue to deliver our growth strategy, which is great
news for Laurel and its investors."
Mark Ward, Director, Financial Sponsors Leverage from RBS in Southampton, added:
"It's always great to see a customer succeeding in its goals and we were thrilled to support this latest
step for Laurel Management Holdings. The company is an example of the result that hard work, a commitment
to service and a reputation for delivering enables them to continue to drive the business forward. We wish
Ian and the management team all the best as the company strives towards its business goals."
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For further information please contact
Zoe Martin
Regional Communications Manager, The Royal Bank of Scotland
Tel: +44 (0) 7899 062 129
Email: zoe.martin@rbs.co.uk
Notes to Editors
The Royal Bank of Scotland Group:
The RBS Group
is a large international banking and financial services company. Headquartered in Edinburgh, the Group operates
in the United Kingdom, Europe, the Americas and Asia, serving more than 40 million customers.
The Group provides a wide range of products and services to personal, commercial and large corporate
and institutional customers through its two principal subsidiaries,
The Royal Bank of Scotland and
NatWest,
as well as through a number of other well known brands including,
Citizens,
Ulster Bank,
Coutts,
Direct Line and
Churchill.
