A fast-growing Scottish business water retailer has secured a £3.5 million facility to support its five-year plan.
Lanarkshire-headquartered Intelligent Business Water, which trades as Intelligent Water, has secured the facility from Beach Point Capital UK, a direct lender to SMEs across the UK and Ireland.
The facility is one of the first investments made by Beach Point’s fourth fund, BPC Europe SME DAC, which is backed by the British Business Bank and dedicated to providing growth capital to UK and Irish SMEs.
Launched in 2021, Intelligent Water has grown rapidly to become an established challenger in the competitive non-household water retail market, reaching annual turnover of approximately £8 million and serving almost 4,000 customer supply points across Scotland.
The new funding facility will support the company’s five-year growth strategy, which forecasts turnover increasing to approximately £18m.
Primarily, it will support the additional working-capital requirements created as Intelligent Water grows its customer base, alongside continued investment as it scales and to pursue further strategic opportunities.
Thomas McDade, director at Intelligent Water, said: “Securing this £3.5m facility from Beach Point represents an important milestone for Intelligent Water and demonstrates the confidence in both our business model and our growth ambitions.
“Beach Point built a strong understanding of our business and was able to tailor a funding package aligned to our needs.
“This facility gives us significant additional headroom and flexibility to accelerate our growth and pursue further opportunities as they arise.
“We have built a strong platform over the last five years, and this funding gives us the financial capacity to take Intelligent Water through its next phase of growth.”
Seth Vaughan, vice president at Beach Point Capital, said: “Intelligent Water has established a strong position in Scotland’s business water market, underpinned by an experienced management team and a compelling growth strategy.
“We are pleased to provide this financing facility to support the company as it continues to expand its customer base and capitalise on the opportunities available in the market.”
Adam Kelly, managing director, debt & regional funds, British Business Bank, said: “We’re pleased to see Intelligent Water receive this funding, which will support it in its delivery of its growth plans and build on the strong progress it has already made in Scotland’s business water market.
“It is with the British Business Bank backing funds such as those managed by Beach Point, that growing businesses like Intelligent Water can increasingly access the finance they need to invest and scale.”
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