Lloyds TSB Corporate Markets has led a recent funding deal, securing a £325 million syndicated transaction for Big Yellow Group PLC, a U.K. self-storage brand. The financial package will enable the company to continue its expansion program across the United Kingdom.
The bank worked closely with the Big Yellow Group senior management team to secure the funding, of which £75 million was sourced from the bank itself. Due to its funding commitment and thorough understanding of the business, the bank also supported the company’s clearing arrangements.
“Lloyds TSB Corporate Markets quickly grasped the drivers of the Big Yellow’s Self Storage business and the underlying operating model we have in place,” says John Trotman, chief financial officer for Big Yellow Group. “We’re delighted Lloyds TSB Corporate Markets has taken such a significant role in the syndicate deal, and we have been tremendously impressed by their commitment and engagement throughout every level of our business.”
Despite challenging market conditions, Big Yellow Group has grown organically over the last 10 years, with the first store opening in May 1999. There are now 59 stores and 10 under management.