Rutland's BAYV completes £30m financing

Ellie Pullen
19 August 2014

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Rutland Partners portfolio company Buy As You View (BAYV), a UK provider of consumer financing services for domestic goods, has completed a ТЃ30m refinancing with Hayfin Capital Management.

The main bulk of the proceeds – around £23m – will be used to repay part of Rutland's initial investment in the business when it backed the management buyout of BAYV in 2012.

The remaining £7m will be put towards developing the business further.

Under Rutland's two-year tenure, BAYV has become a profit-making company. In the past year, it has begun to employ additional staff to support its expansion.

Previous investment
Rutland acquired BAYV in October 2012, paying £33.1m in the all-equity transaction to support the company's MBO. The firm invested via its £320m Rutland Fund II.

Rutland bought the business from a banking syndicate comprising Barclays, RBS and HBOS, which had taken over the company in October 2006 from 3i when BAYV was unable to meet its covenants.

3i had acquired BAYV in August 2004, with Barclays providing a debt package, according to unquote" data.

Company
Founded in 1972 and headquartered in Bridgend, BAYV is a provider of financing plans for consumer and retail. It sells electrical goods and furniture on a hire-purchase weekly-payment basis with no deposit. Its customer base now sits at 76,000.

Under Rutland's two-year tenure, BAYV has become a profit-making company. It recorded an EBITDA of £6.2m for the year ending March 2014 and employs 550 staff.

People
Graham Clarke is the CEO of BAYV. Ben Slatter is a partner at Rutland.

Advisers
Company – Taylor Wessing, Martin Yells, Lerika Joubert (Legal); Deloitte, John Gregson, Floris Hovingh (Debt).
Lender – Macfarlanes (Legal).