19 Aug 2014 Buy As You View Completes £30 million Financing
Rutland Partners is delighted to announce that its Fund II portfolio company, Buy As You View (“BAYV”), completed a £30m financing on 15 August 2014 with Hayfin Capital Management.
The proceeds will be used to repay £23m of Rutland’s £34m investment in BAYV made in October 2013, with the balance going to support the continued growth of the BAYV business.
Bridgend based BAYV has gone from loss-making to growing profitability under Rutland’s ownership, recently posting an EBITDA of £6.2m for the year to 31 March 2014. In the last 12 months BAYV has started to expand its customer base and is taking on additional staff to support expansion.
Ben Slatter, Partner at Rutland, said: “The team at BAYV has done a great job in the last 2 years and now, with the support of Hayfin, the business can continue to service the growing demand for its products.”
Graham Clarke, CEO at BAYV, said: “With the continuing support of Rutland, and the additional funds this facility provides, we look forward to serving more customers with our affordable credit offerings enabling low income families to buy electrical goods and furniture for their homes. We also look forward to creating more jobs as we expand the company.”