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IGF funding for Westgrove Group

Westgrove Group secures £6m funding from IGF

FM company Westgrove Group has secured £6m of funding from Independent Growth Finance (IGF), to provide working capital and support the growth of the business.

The funding will enable the business to hone its offering, grow and strengthen its customer base, and target more sectors including hospitality. A recruitment drive is also under way to aid the business’s growth.

The company aims to exceed revenues of £30m by the end of the year. It has over 70 sites across the UK including Touchwood Shopping Centre, Solihull, and a long-standing relationship with Market Place Shopping Centre, Bolton.

Paul Grace, Managing Director at YB Financial Advisory, who acted as an intermediary between IGF and Westgrove, commented: “Although it was the first time I worked with IGF, I quickly recognised that they were best placed to support Westgrove Group in their ambitious growth goals.”

Chairman and Co-founder of Westgrove Group, Simon Whittle, said: “In IGF, we knew we had found a partner with a positive, action-oriented mindset that understood our vision. They were able to progress discussions at pace and offer us precisely the flexibility that we need in order to achieve the growth we are envisaging.”

Richard Spielbichler, ABL (Asset Based Lending) Director at IGF, commented: “We are proud to partner with Westgrove Group to support the business’s next chapter of growth. IGF took the time to understand the business’ requirements and management’s future strategy, ensuring that we put in place a flexible funding package that will enable the business to strengthen its offering, as it turns its sights on new sectors as well as opportunities within its existing customer base.”

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