Postal operator benefits from £65m asset based lending facility
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Formerly known as TNT Post UK, Whistl is the second largest postal operator in the UK. Today the company collects, sorts and transports nearly 4 billion items a year and employs around 1,700 people.
What did they want to achieve?
Whistl's parent company, Post NL, completed a review of their UK operations and decided to proceed with a management buyout of the business. Significant access to funds was needed to complete the deal, led by CEO Nick Wells, and support future plans for growth.
How we helped
Our team structured a £65 million asset based lending facility to help Whistl finance the management buyout. This substantial amount of working capital will also allow them to invest and grow in the future.
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 with the ABL team who gave us access to working capital which helped fund the management buyout.
Nick Wells, CEO of Whistl