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Morris Vermaport completes management buy-out with support from Santander

Nottingham-based Morris Vermaport, one of the UK's leading providers of modern lift equipment and related services, has undergone a management buyout with funding support from Santander Corporate & Commercial. Morris Vermaport has also doubled its working capital facility with Santander as part of its long-term growth plans. The bank has also improved the firm's international banking facilities to support the ongoing growth of the Vermaport Shopping Cart conveyor whose key customers are based in Europe and the US. The funding from Santander Corporate & Commercial to support the MBO of Morris Vermaport and sister company Vermaport Ltd, as well as the increased working capital facilities, were provided through Santander's Growth Capital fund under its Breakthrough product and service suite. Santander has also agreed additional lending facilities to fund the acquisition of a smaller lift maintenance business should the opportunity become available.

 

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