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Vasanta secures a crucial cash injection from Endless

OFFICE supply giant Vasanta has announced it has secured lifeline funding from turnaround group Endless Investments, in return for handing a 79 per cent stake to the private equity house.<br /><br />The group has avoided collapse through a &pound;30m cash injection from an Endless-led syndicate.<br /><br />The deal will also see 29 per cent of the firm&rsquo;s equity handed to its bankers RBS, Alliance &amp; Leicester and Bank of Ireland.<br /><br />Debts at the firm, which employs 1,500 people, will be slashed from &pound;200m to &pound;50m under the refinancing, after weeks of talks led by Deloitte Corporate Finance finally came up trumps.<br /><br />Electra Partners, the firm&rsquo;s previous private equity majority owner, has been left with almost no value from the group after its key credit insurance was withdrawn and its value plummeted.