CH&Co undergoes refinancing and fundraise to support business as it exits lockdown

CH&Co has undergone a refinancing and fundraise to support the business as it exits lockdown and rebuilds over the coming month.

The process was completed with existing lenders and shareholders. CH&Co is majority-owned by chief executive Bill Toner (pictured), chairman Tim Jones and its management team. Equistone Partners Europe owns a minority shareholding following an investment in May 2019. LGT Private Debt has provided Unitranche financing and NatWest has provided Super Senior RCF financing.

Toner said: “We as a management team have absolute confidence CH&Co will weather this storm and we have been very pleased that our lenders and Equistone have shown the same confidence in us and our business. I am also sincerely grateful for the ongoing support of our clients, partners and people. It is through this support that we look forward so positively to the future.”

Dominic Geer, senior partner at Equistone and CH&Co board member, said: “CH&Co has performed extremely well since we invested in the business last year, and we have been impressed by how quickly and effectively the CH&Co team has adapted to deal with the challenges of lockdown.

"Equistone has the capability to provide long-term support to the businesses in which we invest, and we are pleased to have completed the fundraise in partnership with the other stakeholders in the business. The business now has the headroom to manage a gradual return to normality over a prolonged period. We look forward to continuing to work with Bill and the team to support CH&Co’s future plans.”

CH&Co holds a royal warrant for the provision of catering services to the Queen and provides services to workplaces, schools, venues and destinations including Historic Royal Palaces and Kew Gardens.

CH&Co was advised by Marlborough Partners (debt advisor), Travers Smith (Legal) and PwC (tax) and the lenders were advised by Hogan Lovells (legal).

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