Abacus tots up refinancing deal
Abacus Playgrounds, which installs safety surfaces for children’s playgrounds, has received £1.6m refinance facilities through new banking partner, NatWest. The company, which has a base in Newark, has recently embarked on a scheme to create 212 free to use gymnasiums.
Over a ten year period, Abacus has grown to produce an £8m annual turnover business which has been driven by entrepreneurs Geoff Rodwell and Mick White.
Abacus, in conjunction with The Great Outdoor Gym Company, has recently embarked upon a scheme to build 212 free to use outdoor gymnasiums prior to the 2012 Olympic Games in London.
Geoff Rodwell, director at Abacus, said: “Both Mick and I had a vision over the last decade to become the UK’s leader in our field, which we have achieved in terms of geographical spread as well a providing a team of experts on board to help us deliver. We have a lot to look forward to and can do so with the confidence of having our new banking partner on board.”
Richard Marshall, business development director from NatWest’s structured debt solutions team, said: “We are delighted to welcome Geoff and Mick to NatWest and pleased we could provide structured debt to assist with their existing debt and working capital requirements. Both Geoff and Mick are great examples of how dedicated entrepreneurs can succeed and should be proud of putting Abacus firmly on the road to success.”
