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Addleshaw Goddard

EXCHANGE TOWER, 19 CANNING STREET, EDINBURGH, EH3 8EH, SCOTLAND
Tel:
Work 0131 228 2400
Fax:
Fax 0131 222 9800
DX:
ED27 EDINBURGH
Email:
Web:
www.addleshawgoddard.com

Euan Cluness

Tel:
Work 0131 222 9833
Email:
Addleshaw Goddard

Work Department

Banking and Finance.

Position

Euan has wide expertise in the fields of corporate lending, acquisition finance and asset-based lending. His range of experience includes a number of high profile corporate financings and asset-based lending transactions and he is recognised as one of the few sector experts in this field. He advises both banks and borrowers in relation to facility and security documentation. Euan has substantial experience in relation to acquisition finance. Euan’s analytical but commercially focused approach is highly regarded by his clients and he has established a substantial following.

Career

Trained Dickson Minto; DLA Piper; Partner HBJ Gateley 2013 to date.

Member

Law Society of Scotland.

Education

University of Edinburgh

Leisure

Keen fly fisher, enjoys watching football, rugby and motorsports; avid interest in Scottish military history.


London: Finance

Asset based lending

Within: Asset based lending

Benefiting from 'in-depth sector experience', and a significant 'market presence' which includes practitioners spread out across London, Manchester, Leeds, and most recently Scotland following the merger with HBJ Gateley, Addleshaw Goddard provides an 'excellent level of service' to the ABL arms of mainstream banks including HSBC and Clydesdale Bank, as well as independent entities including Leumi ABL and PNC Business Credit. Manchester-based Simon Prendergast has broad expertise in the space including across syndicated ABL and receivables finance facilities, off balance sheet receivables purchase facilities and supply chain finance; he recently represented RBS Invoice Finance on a £50m ABL facility (comprising receivables, inventory, property and plant and machinery facilities) to Halewood International, a UK-based manufacturer and distributor of alcoholic drinks and beverages, for the purpose of refinancing its existing facilities, providing working capital and funding future acquisitions. Prendergast has also been active in the development of receivables and ABL products connected to the UK unitranche market and was recently involved in a landmark transaction when he advised RBS Invoice Finance on a super senior receivables finance facility to Oscar Mayer - in what was notably the first occasion on which a UK ABL market deal had been funded simultaneously by a super senior ABL facility in combination with a unitranche facility. Lauded for his 'willingness to go the extra mile to get the deal done', team head Mike Davison 'has first-class knowledge of the ABL sector and documentation' and is thereby well placed to handle both mid-market domestic deals, as well as bigger ticket mandates where the ABL product is part of a wider financing package. 'Very impressive' Edinburgh-based banking partner Euan Cluness regularly handles ABL transactions in the whisky industry, in particular, including his recent work for PNC Business Credit and Bank of Scotland in their provision of an £80m ABL facility to Ian Macleod Distillers. The team was also strengthened on the transactional front by the arrival in October 2017 of managing associate Lauren Priest-Stephens from Squire Patton Boggs, while for ABL-related litigation work Harold Brako and Ben Lowans are recommended.

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Scotland: Finance

Banking and finance

Within: Banking and finance

Addleshaw Goddard, which launched in Scotland by merging with HBJ Gateley in 2017, has an experienced team that demonstrates 'a high level of commerciality when reviewing transactions'. Further, 'it can provide considered advice through a bank or borrower lens, allowing good decisions to be made'; clients include Royal Bank of Scotland, Clydesdale Bank, Santander, HSBC, Robertson Group and Topaz Energy & Marine. It also acts for non-bank funders, such as Route Finance and Shawbrook Bank. The team is led by Alan Shanks, who has vast experience of acquisition finance transactions in the renewable energy, oilfield services and shipping sectors. In 2017, Shanks was the lead adviser to Business Growth Fund on a £56m co-investment with Blue Water Energy into ROVOP; the purpose of the financing was to enable ROVOP to expand its fleet of remotely-operated vehicles. Euan Cluness handles acquisition and leveraged finance transactions, and he also has notable experience of asset-based lending, particularly in the whisky industry. Cluness acted for for PNC Business Credit and the Bank of Scotland in their £80m asset-based lending facility to independent distiller Ian Macleod Distillers. Alex Innes, who is dual-qualified in English and Scottish law, is recommended for his real estate finance expertise. Tom Speirs, Catriona Smith and managing associate Peter Smartt are other key figures.

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