A £7m finance package to a retail and brand service business has supported the acquisition of a Lancashire company.
Following the provision of an initial £5m Invoice Discounting facility in June 2020, Bibby Financial Services (BFS) has now provided an additional £2m funding line, to support MPL’s parent company, Senza. It has acquired Bloomsberry Ltd, a Lytham-based retailer specialising in British designed artificial floral products.
MPL Home, based in Hemel Hempstead, has a rich history spanning back to 1946. Since 2008, the business has seen exponential growth, now operating multi-nationally across Europe and North America.
The business provides a one stop service for some of the biggest retailers across the globe – spanning from the design of goods to their market launch, and all the details in-between, from influencer marketing to IP protection.
Paul Rosen, at MPL Home, said: “Unlike other funders, BFS were able to recognise the significant growth opportunity presented to us and were able to provide additional funding to support the acquisition of Bloomsberry by our parent company, which undoubtedly enabled the transaction to take place.”
Ashley Weddle, relationship manager and Jenifer Crook, assistant corporate manager from BFS’s corporate team led on structuring a new financing service, to provide ongoing cashflow, in addition to a new injection of working capital to support the transaction.
Weddle said: “MPL Home, and now the wider group, is on a really positive trajectory, and we are excited to continue to support them into their promising future.”
Paul Rosen, chief executive at MPL Home, added: “We have been consistently impressed with BFS’s approach, which is both flexible and future focused. The team really got to know our business to structure a finance solution that works for us both now and in the future, providing us with the flexibility we need to focus on growth.”