24th November 2003
The Bridgman Group, parent of enforcement services company Drakes Group Limited, has signed a £4.2 million funding agreement with Lloyds TSB Acquisition Finance.
The funding will provide scope for the group to make acquisitions, invest further in technology and repay existing debt. In 2002, Drakes Group underwent a management buy-out, with mid-market private equity firm Gresham LLP investing £7.6m.
Drakes Group Limited is the UK’s leading provider of enforcement services to local authorities and magistrates courts. It also provides a range of ancillary services, including commercial rent collection, debt recovery, and asset protection. Key clients include Transport for London (congestion charge), the City of Westminster, London Boroughs of Camden and Hammersmith & Fulham, the Corporation of London and the Greater London Magistrates’ Courts Authority.