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Styles & Wood Group plc Fundraising RBS and Shareholder

April 2009 £9m

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growth strategy

Project xxx

April 2009 £9m

About the client

Styles & Wood Group PLC are North West based integrated property services and project delivery specialists. For the past 30 years they have been providing a full range of professional and contracting services to some of the UK’s premier brands and leading blue chip organisations.

About the deal

Rickitt Mitchell advised Styles & Wood Group plc on a refinancing package which included a debt for equity swap and a new share issue.

RBS agreed on-going bank facilities of £10.9m and completed a debt for equity swap of £5m of debt in return for a 20% stake in the business. The company also proposed a £2.66m debt for equity swap and converted £15m of bank debt into long term convertible preference shares. The equity elements included a £10m placing of new shares and an open offer to existing shareholders of £2.25m of new shares.