Allica Bank provides commercial mortgage for business growth

CME Limited, a Somerset-based automation and packaging machinery specialist, has secured a “substantial” commercial mortgage from Allica Bank.

He says financing will play a crucial role in his plans for rapid expansion, having increased at an average rate of 20% in recent years due to securing major new contracts in the pharmaceutical, food and beverage and consumer sectors. legal cannabis in over 130 countries.

The funding will allow CME – which employs 120 people, mainly based at its Somerset headquarters – to continue its product development strategy and boost employment in the region.

The financing enabled CME’s management team to complete a Debt-Funded Business Buyout (MBO), buying the business from the Mear family, who founded the business in 1983. The agreement has was negotiated by Blaise Commercial Finance, the credit brokerage firm specializing in commercial banking and real estate.

Paul Knight, CEO of CME, said: “When we approached other lenders there seemed to be a ‘one size fits all’ approach, whereas Allica was much more flexible and better understood our business and our financial needs. While other lenders told us we were naïve to even try to make this deal – Blaise Commercial Finance and Allica made the effort to recognize our potential.

Julian Stevens, Director of Blaise Commercial Finance, added: “While other corporate finance advisors and banks have not been able to provide the necessary financing, Allica has been transparent and flexible in its needs and has was able to work collaboratively with the management team and other stakeholders to close the deal “

Danny McMurdo, South West Business Development Director at Allica Bank, concluded: “We are delighted to have been able to support CME with their MBO. It’s a fantastic business in Somerset with ambitious growth plans, exactly the type of business Allica Bank wants to help support, especially when many banks are operationally linked to the covid emergency lending service. We look forward to seeing their business grow stronger. “

Allica Bank is expected to exceed its target of £ 500million in SME loan offerings committed this year. It recently increased the maximum amount of its commercial mortgage from £ 3million to £ 5million and its maximum asset finance loan from £ 250,000 to £ 500,000.

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