BillSaveUK signs £3m funding deal

BillSaveUK, formerly the Mark Group, of Leicester, has signed a £3m funding deal with Bibby Financial Services

BillSaveUK provides loft and cavity wall insulation for new build homes, as well as retrofitting existing homes and operates from depots across the country. Clients include the majority of the UK’s largest housebuilders, as well as small-scale builders, and the major Utility Companies.

In October last year it took on the stricken Mark Group’s business.

To provide working capital for ongoing cashflow and supplier payment, BFS’ Corporate Finance team structured a £3m invoice discounting facility.

Simon Latham, chief financial officer, BillSaveUK said: “BFS could see our potential as a leading supplier in the construction industry and worked closely with us to restructure our capital and provide the business with the funding we needed to get growth kickstarted. Our industry works on long payment terms and within a sophisticated supply chain that means we need to put our cashflow to work.

“We already cover three quarters of the UK but we plan to grow our footprint further to cement our reputation as a first class supplier of insulation to Britain’s builders, as well as the retrofit market. At this present time we are planning to open three more depots so we can better serve our clients with the very best energy saving materials.

“Having a finance partner with experience of the Construction sector was vital for us. With funding in place, we can now start to grow the business further.”