Project Basil is a national aggregates, quarry, and plant hire group that had experienced substantial growth over eight years, both organically and through acquisitions. This expansion was funded via a syndicated revolving asset finance facility, supplemented by invoice financing. In 2024, the group was progressing a broader strategic transaction involving a demerger, acquisition, and private equity investment. However, the deal was jeopardised when updated valuations and a reassessment of the borrowing base revealed that the revolving facility had become over-advanced. Strategic growth and emerging challenges for national quarry
FRP was engaged to support the business in managing its lenders and helping stabilise the financial position. We worked alongside other advisers to maintain access to existing funding facilities whilst coordinating the development of a robustfinancial information pack to support a refinance. This ensured continuity of operations during a critical period and gave potential lenders the clarity needed to proceed with alternative funding proposals. Managing lender relations and supporting refinance
A full refinance of the group’s debt facilities was achieved, replacing the revolving structure with a traditional finance arrangement. This transition allowed for improved availability against the asset base by introducing a fixed charge security and removing borrowing base dilution. The refinancing completed in parallel with the wider strategic transaction, securing a stable financial foundation and delivering an optimal outcome for all stakeholders involved. Delivering a successful outcome for all parties
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