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Addleshaw Goddard

MILTON GATE, 60 CHISWELL STREET, LONDON, EC1Y 4AG, ENGLAND
Tel:
Work 020 7606 8855
Fax:
Fax 020 7606 4390
DX:
47 LONDON CHANCERY LANE WC2
Email:
Web:
www.addleshawgoddard.com

Mike Davison

Tel:
Work 020 7160 3458
Email:
Addleshaw Goddard

Work Department

Finance and projects division.

Position

Partner in the banking team, within the finance and projects division, primarily based in London. He is a specialist in receivables financing, asset-based lending and trade finance, but also regularly advises on all types of working capital finance, including supply chain, supplier and distributor finance transactions. Recent experience includes advising Secure Trust Bank on the launch of its commercial finance division (including drafting precedent finance and security documentation); advising a fund on the provision of supply chain finance in Kenya, Peru, Kazakhstan and Croatia; advising a UK banks on the provision of Shariah compliant asset based lending facilities; advising the UK arm of a US asset based lender on the provision of 'all asset' asset based lending facilities in jurisdictions including England, Scotland and the US; and advising a listed UK corporate in relation to its entry into a non-recourse receivables financing facility structured to achieve full de-recognition treatment for accounting purposes.

Career

Trained Wilde & Partners Solicitors; qualified 2001; associate Hammonds Suddards Edge 2001; partner Addleshaw Goddard 2011.

Languages

French (conversational)

Education

Ampleforth College; University of Durham (BA Hons); College of Law, Store Street (CPE; LPC).

Leisure

Member of Chelsea Football Club; Richmond (Rugby) Football Club.


London: Finance

Acquisition finance

Within: Acquisition finance

Addleshaw Goddard is on all the UK clearing bank panels and increasingly active on the borrower side for clients including Inlexion Private Equity and ECI Partners. Laurie Keel and Alex Dumphy are regularly at the forefront of the most significant deals handled by the team with the former recently advising Innovative Bites on the £105.7m term loan and £15m super senior revolving credit facility to fund its acquisition of Hancocks, one of the UK’s leading confectionery specialists. Keel also recently acted for Barings Global Advisers and RBS on the £28m term debt and £1.5m super senior revolving credit facility used to facilitate the sponsor backed acquisition of Thames Valley-based manufacturer Stuart Turner Limited. The firm also benefits from the expertise of a 'strong asset based lending team' including Mike Davison out of London and several other practitioners spread out among the regional offices and has represented clients implementing invoice financing as an alternative to revolving credit facilities in acquisition finance structures. Angus Gill is also recommended.

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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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Bank lending: investment grade debt and syndicated loans

Within: Bank lending: investment grade debt and syndicated loans

Leveraging deeply entrenched ties with UK clearing banks and also regularly servicing corporate clients of the firm on their financing requirements, Addleshaw Goddard has a strong reputation for handling mid-market financing matters where it is able to provide value by dint of its expertise, not only on conventional debt products but also more niche areas including asset based lending techniques. Laurie Keel has developed particular expertise advising corporates on M&A financings including his recent work for Innovative Bites on the £107.5m term loan and £15m super senior revolving credit facility to fund its acquisition of Hancocks from H2 Equity Partners. Amanda Gray handles work for a balanced array of lenders and borrowers including her recent advice to Scapa Group plc on the £70m multicurrency revolving credit facility (with £30m accordion option) provided to it by a banking club including Lloyds, Santander and HSBC. Mike Davison is noted for his asset based lending expertise.

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Trade finance

Within: Trade finance

Addleshaw Goddard attracts praise for its 'industry knowledge and the number of experienced associates and senior associates it has at its disposal'. The firm is best known for mid-market asset-based lending matters, though it also handles invoice and supplier financing, commodity finance, PXF transactions, supply chain finance and structured trade deals. Banking partner and practice head Mike Davison  recently acted for a syndicate of banks on a shari'ah- compliant murabaha and trade facility agreement, and advised a major international bank on a transaction involving receivables financing, inventory finance and revolving credit facilities. The firm has 'a number of excellent associates in its team', including rising star James Tarleton, who plays a key role in asset-based lending, trade finance and specialty finance transactions, most notably borrowing base transactions and hybrid lending structures. Dispute resolution partner Michael Barnett has extensive experience in cross-border litigation arising from trade finance transactions. Banking litigator Mark Gill is also recommended.

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