The facility was arranged for Lowe & Simpson Group, a recently acquired joinery and stair-making business, and enabled the new owners to settle a deferred payment linked to the company’s purchase.

The deal also supports the group’s integration into a broader portfolio that includes GL Stairs and GL Joinery.

Introduced by Paul Mak, managing director at Pomegranate Commercial Finance, the bridging loan was completed by Recognise Bank’s lending team to meet a refinancing deadline.

The loan was completed at 70% LTV on a 12-month term.

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Mike Doxford, senior lending manager at Recognise Bank (pictured above), commented: “This was a strategically important acquisition for our client and we’re pleased to have provided the funding they needed at a critical moment.

“Our ability to structure a practical and timely solution helped facilitate the successful handover of a long-established north-east business.

“The team at Pomegranate Commercial Finance recognised that we could support the borrower’s needs and we look forward to working with them again.”

Paul added: “This transaction had several moving parts, but the team at Recognise Bank quickly understood the client’s objectives and worked with real agility to deliver a smooth result.

“We’re delighted with the outcome and so is the client.

“We look forward to working with Mike, Steve and the team again.”