Auxilia Group, the specialist provider of air conditioning and refrigeration services to the retail sector, is delighted to announce the successful completion of an approximate £1 million capital raising round. The round was led by Nash Fitzwilliams, the corporate finance boutique that specialises in the European building products and services industry, with debt funding being provided by HBOS.
Auxilia, which was formed out of the merger of Air Continental and Peak Refrigeration, has successfully expanded its customer base to encompass an impressive array of high street names including United Co-op, New Look, Next and Pizza Hut. Auxilia has recently won such high profile clients as LK Bennet, Lidl, Decathlon and JD Sports to add to its already impressive portfolio. The company estimates that its addressable market is worth approximately £2 billion and is consolidating into the hands of national specialists.
The company will use the capital raised to support its projected working capital requirements, which are growing in line with exciting new customer wins. In addition, the company is planning to further expand its presence across the UK both organically and through acquisition of complementary businesses. Nash Fitzwilliams has simultaneously been appointed to assist the company in its growth strategy.
Auxilia’s founder and chairman, Keith Johnson, is excited about the future: “I am delighted to have the Nash Fitzwilliams team on board. Their passion for the business and breadth of expertise will bring significant benefits to the ongoing development of the group.”
Adrian Pritchard, who led the Nash Fitzwilliams team, said: “The Auxilia team is of exceptionally high quality and we are delighted to have the opportunity to provide both corporate finance advice and capital in order to assist the company reach its full potential.”
Phil Beedon, HBOS Relationship Manager, said: “HBOS are pleased to continue to support the Auxilia team. We have watched the business develop over the past two years and we regard this latest move as a further positive step in creating a strong foundation for growth.”