Scottish water company targets £18m turnover after securing £3.5m finance facility

PICTURE ATTACHED- Fraser Gilroy on the left and Thomas McDade (right), Intelligent Water Directors

Embargoed - 00:01 Thursday 5th November

Intelligent Water targets £18m turnover after securing £3.5m finance facility

A fast-growing Scottish business water retailer has secured a £3.5 million finance facility to support its next phase of growth.

Lanarkshire-headquartered Intelligent Business Water Ltd, which trades as Intelligent Water, has secured the facility from Beach Point Capital UK ("Beach Point"), a direct lender to ambitious SMEs across the UK and Ireland.

The facility is one of the first investments made by Beach Point's fourth fund, BPC Europe SME DAC (the "Fund"), which is backed by the British Business Bank and dedicated to providing growth capital to UK and Irish SMEs.

Launched in 2021, Intelligent Water has grown rapidly to become an established challenger in the competitive non-household water retail market, reaching annual turnover of approximately £8 million and serving almost 4,000 customer supply points across Scotland.

The new funding facility will support the company's ambitious five-year growth strategy, which forecasts turnover increasing to approximately £18 million.

The funding will primarily support the additional working-capital requirements created as Intelligent Water grows its customer base, alongside continued investment as it scales and to pursue further strategic opportunities.

Thomas McDade, Director at Intelligent Water said:

"Securing this £3.5 million facility from Beach Point represents an important milestone for Intelligent Water and demonstrates the confidence in both our business model and our growth ambitions. Beach Point built a strong understanding of our business and was able to tailor a funding package aligned to our needs.

"This facility gives us significant additional headroom and flexibility to accelerate our growth and pursue further opportunities as they arise.

"We have built a strong platform over the last five years, and this funding gives us the financial capacity to take Intelligent Water through its next phase of growth."

Seth Vaughan, Vice President at Beach Point Capital, said:

"Intelligent Water has established a strong position in Scotland's business water market, underpinned by an experienced management team and a compelling growth strategy. We are pleased to provide this financing facility to support the company as it continues to expand its customer base and capitalise on the opportunities available in the market."

Adam Kelly, Managing Director, Debt & Regional Funds, British Business Bank, said:

"We're pleased to see Intelligent Water receive this funding, which will support it in its delivery of its growth plans and build on the strong progress it has already made in Scotland's business water market. It is with the British Business Bank backing funds such as those managed by Beach Point, that growing businesses like Intelligent Water can increasingly access the finance they need to invest and scale."

ENDS

About Intelligent Water

Intelligent Water (Intelligent Business Water Ltd) is an independent, Scottish-based licensed business water retailer providing water and wastewater retail services to businesses across Scotland. Scotland became the first country in the world to introduce competition into the non-household water market, allowing eligible businesses and organisations to choose their licensed water retailer.

Headquartered in Lanarkshire and established in 2021, the company operates within Scotland's competitive non-household water market and now serves almost 4,000 customer supply points.

About Beach Point Capital UK

Beach Point Capital UK is a non-dilutive, growth capital provider to high-growth SME businesses across the UK and Ireland which are profitable or on a clear trajectory to profitability. It focuses on businesses with contracted or sticky revenue bases, managed by strong, proven management teams, which are entrepreneur owned/owner managed businesses for best incentivised alignment (and don't require Venture Capital or Private Equity involvement).

It is a business unit of Beach Point Capital Management, a multi-billion dollar global investment manager specializing in credit-related investments with over $20bn assets under management.