Established in 1979, Norfolk-based Midwich Group is a specialist Audio Visual (AV) distributor to the trade market, with operations across the UK&I, EMEA, North America and APAC, offering products such as large format displays, projectors, LED panels, digital signage, unified communications and professional audio and broadcast equipment. Operating from 26 offices, the Group’s 1500+ strong team serve a diverse base of approximately 20,000 customers, most of whom are professional AV integrators and IT resellers. Through these trade customers, Midwich provides solutions for end-users in a range of markets, including corporate, education, retail, hospitality and live events.

Looking to agree an upsized Revolving Credit Facility (RCF) with a six-bank syndicate, Midwich’s debt advisor approached us as a potential lender in the new facility.  

As a new-to-bank customer, the NatWest deal team met with Midwich to understand the business in detail and to learn about the company’s immediate and medium-term funding requirements. Based on these discussions NatWest agreed to join the syndicate and take a £35 million hold in the £175 million RCF (up from £80 million). An additional £75 million uncommitted accordion was also agreed to offer additional liquidity in support of future acquisitions.

Stephen Lamb, Group Finance Director, Midwich Group, commented: “As we continue to build momentum, we are very pleased to have agreed this financing package with this high-quality syndicate of banks with the means and vision to support our growth strategy. We can now look forward to the future with even greater confidence.”

Chris Lewis, Director of Structured Finance, Midlands & East of England at NatWest, commented: “We are delighted to have become a new lender to Midwich. This transaction is an example of how multiple specialist teams within NatWest can work closely together as One Bank to ensure quick decision making and deliver the best outcome for our customer. We are looking forward to working together with Midwich in the future.”