Whistl | RBS Invoice Finance

Whistl completes management buy-out

  • Whistl UK Ltd announces management buy-out
  • £65m asset based lending facility from Royal Bank supports the deal

Marlow-based company Whistl has completed a management buyout after securing a £65million asset based lending facility from Royal Bank of Scotland. 

The management buy-out was led by CEO at Whistl, Nick Wells. It comes after a decision by Whistl's 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% 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, has grown from a greenfield operation in 2004 to collecting, sorting and transporting nearly 4 billion items a year and employing around 1,700 people.

Our asset based lending team structured a £65million facility that will enable further investment across all business divisions. Asset based lending 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 management buyout transaction.

Nick Wells, CEO at Whistl:

"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 Royal Bank during the exciting next phase of our development."

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

"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 asset based lending 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."

 

 

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