Burdale Financial Limited (“Burdale”), a member of Bank of Ireland Group, today announced the completion of a £17.5 million debt refinancing package for Silver Springs Mineral Water Company Limited (“Silver Springs”), the largest independent soft drinks company based in the UK. The facility replaces existing facilities with RBS.
Silver Springs was established in 1870 in Folkestone, Kent and where it has continued to trade since then. The company manufactures its own bottled still, sparking and flavoured water producing over 250 million bottles per annum. The company also supplies a range of own brand products to all the major supermarkets in the UK.
Burdale bid for the refinancing package and was chosen to provide new facilities of up to £17.5 million secured against debtors and inventory. The new funding will provide Silver Springs with working capital to support the business through its restructuring process as it gears up for expansion.
Mr. Jim Ludlow, Managing Director, Silver Springs commented: “We are extremely pleased to have completed this refinancing exercise. The new facilities swiftly put in place by Burdale will help us to position the company for future growth.”
Commenting on the deal Ian Bramley, Director of Burdale said: “We have put together an innovative and competitive funding package for Silver Springs, tailored to meet their turnaround strategy. We look forward to supporting the management team as they seek to drive the business forward.”
