Financing Event: Recapitalisation
PNC Deal Leader: Steve Buckmaster
One of Britain’s oldest family businesses, Berry Bros. & Rudd is a leading UK fine wine and spirits merchant. Its iconic shop front has been a landmark in London’s St James’s since 1698. The company is the holder of two Royal Warrants and has offices located in the UK and across Asia.
The company offers its customers the opportunity to not only purchase some of the finest wines from across the globe, but also to store their valuable collections within its state-of- the-art secure, bonded, warehouses. The refinancing deal from PNC is the next step in the family merchant’s business strategy. This will see the company investing even further behind its fine wine private customer and spirits brands business areas, including its renowned No.3 London Dry Gin, which has been named the world’s best gin four times at the International Spirits Challenge.
The new facility incorporates funding against inventory for the first time and ensures the company has the required flexibility to support its growing working capital needs as it strengthens and accelerates its leading position in the UK fine wine sector.
This is a really positive step for the company in achieving our long-term goals. We are delighted to be working with PNC who we believe to be a great fit for the company and who will support us in the next stage of our strategy.
Emily Rae | Finance Director, Berry Bros. & Rudd
*A portion of the funding provided by Steel City Capital Funding, a division of PNC Bank. Steel City Capital Funding provides Cash flow-based senior debt, junior secured and second lien loans for sponsored and non-sponsored transactions.
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