Andover-based cremation company Pure Cremation has undergone a management buy-out, following an £18m term loan from Santander UK.
Led by Bryan and Catherine Powell, founders of the group, the management team now owns 100% of the firm following the acquisition from Puma Investments and a number of legacy shareholders.
Funding from Puma had facilitated the creation of Pure’s Charlton Park Crematorium, which has been operating since 2019.
Bryan Powell said: “This re-finance deal with Santander UK allows us to thank Puma Investments for its faith in us with a great return on its money, and means that the executive team can now take full control of a very exciting future for the company.”
Specialising in providing “direct” cremation services, the group acts as an affordable alternative to traditional funerals as its cremations occur without a funeral service and typically without mourners present.
Pure offers pre-planned cremations, trust-based and insurance-based plans, and direct cremation funerals once someone has already died.
Caitlin Thomspon-Geering, associate director of strategic debt solutions, structured finance at Santander UK, said: “Pure Cremation offers an affordable option for funerals as well as giving people the opportunity to plan and pay for their funeral in advance.
“It is an innovative, fast growing business and we are pleased to be able to support the management team to finance its buy-out and support the next stage of its growth.”