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Asset based lending in London

Addleshaw Goddard

Led from London by 'recognised industry leader' Mike Davison  and enhanced by real strength-in-depth across its regional offices (including Manchester, Leeds and Edinburgh), Addleshaw Goddard provides 'great industry and product knowledge' to a lender-focused client base. Benefiting from an 'in-depth knowledge of the market', Davison himself is perhaps the most versatile practitioner in the team and as well as his financing expertise is also regularly sought out by funders to advise on bringing new products to market, as well as on their strategic corporate transactions in the space (including his advice to E Capital Corporation on its entry into the UK market through its acquisition of Advantedge Commercial Finance). Very well acquainted with Loan Market Association (LMA) documentation, Manchester-based partner Simon Prendergast is particularly effective advising UK clearing banks on their asset based lending (ABL)/receivables financings and has also been at the forefront of the development of receivables and ABL products in relation to the UK unitranche market. Appreciated for her 'attention-to-detail and business acumen'Manchester-based associate Lauren Priest-Stephens is well regarded by bank and and non-bank lender clients.

Practice head(s):

Mike Davison

Other key lawyers:

Simon Prendergast; Harold Brako; Andrew Fordham; Euan Cluness; Lauren Priest-Stephens; Simon Warburton; Peter Smartt

Testimonials

Great level of responsiveness coupled with great industry and product knowledge.’

Mike Davison is a recognised industry leader and specialist in the ABL sector. He provides constructive, commercial and concise commentary and is willing to go the extra mile to get a deal done.’

‘The approachable and practical Mike Davison has an in-depth knowledge of the ABL market.’

Euan Cluness is an ABL expert and has strong commercial understanding.

Harold Brako is first class at handling ABL litigation.’

Lauren Priest-Stephens displays attention to detail, business acumen and accessibility.’

Key clients

Advance Global Capital

PNC Bank and PNC Business Credit

Bank of London & the Middle East

HSBC Bank PLC & HSBC Invoice Finance Limited

BNP Paribas London Branch & BJNP Paribas Commercial Finance Ltd

Close Brothers Group Plc & Close Brothers Invoice Finance Ltd

Bank Leumi & Leumi ABL Limited

Breal Zeta Commercial Finance

FGI Finance LLC

Omniveta DK Holdings ApS (and Group Companies)

Advance Global Capital

PNC Bank and PNC Business Credit

Bank of London  & the Middle East

Work highlights

  • Advised FGI Worldwide LLC on the provision of receivables financing facilities to the ScanSource Group across England and Belgium with supporting security in Luxembourg and the US.
  • Advised Breal Zeta on the provision of £90m revolving receivables financing and inventory finance facilities, including the partial refinance of Endless LLP, a full refinance of the existing financiers and syndication of the new facilities with Leumi ABL Ltd.
  • Advised ECapital Corporation on their acquisition of Advantedge Commercial Finance, their first expansion outside North America.

Mayer Brown International LLP

With a strong and longstanding presence out of London and also able to leverage the expertise of practitioners throughout Europe and the US, Mayer Brown International LLP's sweet-spot continues to lay in its advice to funds, banks, sponsors and corporates on complex, multi-jurisdictional mandates. A growing number of these mandates involve hybrid debt structures, reflective of lenders' increased willingness to utilise the ABL product alongside other financing techniques to maximise flexibility and to enable the writing of larger cheques, for example, on leveraged finance mandates. The ease with which it is able to advise on these complex, often highly structured matters, is in part as a result of the firm's fluid and non-compartmentalised overarching finance offering, as well as its 'solutions-oriented approach' and the 'innovative way with which it is able to cut through issues'. This approach is encapsulated by Dominic Griffiths, whose 'clear guidance and seasoned expertise' is appreciated by many large international banks and alternative credit providers. Alex Dell co-heads the team alongside Griffiths and as well as forming a central part of the firm's ability to advise on multi-jurisdictional mandates, is also well-versed in advising on more conventional UK-originated mandates as a result of his deeply embedded lender-side ties. 'Exceptional' senior associate Ravi Amin  continues to grow his standing in the market among lenders, as a result of his aptitude and confidence at handling complex cross-border mandates and his 'innate ability to explain very complex legal concepts in layman's terms'. 

Practice head(s):

Dominic Griffiths; Alex Dell

Other key lawyers:

Simon Fisher; Charles Thain; Ravi Amin; Lynette Edwin

Testimonials

The team exhibits a highly commercial approach, it feels like they are in your corner backing you.’

The team is market leading for a reason – this was an incredibly complex transaction to execute but the team were in control throughout. They were very solutions-oriented throughout and continually came up with innovative ways to cut through issues.’

The acccessible Dominic Griffiths was always readily available to support and provide clear guidance, seasoned expertise, and a steady hand in uncertain matters.’

The exceptional Ravi Amin is a very practical individual – he has an innate ability to explain very complex legal concepts in layman’s terms which any non-lawyer could understand with very good use of real-life examples as a case in point.’

DLA Piper

Drawing upon the expertise of London, Leeds and Manchester-based practitioners possessing significant transactional, restructuring and litigation-related ABL knowledge, DLA Piper's multi-disciplinary work in the space ensures that it is able to provide a 'commercial and flexible' service to lenders and borrowers, both at the front end of deals, as well as in any distressed scenarios. Although it can leverage expertise across its international offices on cross-border deals, should the need arise, the 'responsive and knowledgeable' team is undoubtedly most visible in the domestic mid-market, an area from which it receives significant deal flow from its extensive and well-established ties with clearing banks and independent ABL providers, in particular. Splitting her time between Leeds and London, Sarah Day is very visible in the market, combining her core ABL transactional focus with a broader knowledge across numerous other financing techniques to ensure both borrowers and lenders receive the most appropriate structures for their individual needs. 'Very commercial' Manchester-based partner Joseph Frew co-heads the team alongside Day, and as well as his versatile transactional offering for both funders and borrowers, is also regularly instructed by lenders to assist on the drafting and development of template documentation for ABL facilities.

Practice head(s):

Sarah Day; Joseph Frew

Other key lawyers:

Stephen Bottley; Chris Roberts; Neil Riley; Richard Usher; Peter Manley; Alastair Carruthers; Charlotte Woodfield; Rob Lyons; Charlotte Smith; Rachel Holt

Testimonials

The team is very responsive and knowledgeable.’

The team is commercial, flexible and able to think outside-the-box to provide innovative solutions.’

Joe Frew has built a strong reputation as a sound and strong negotiator, very commercial but also very hands on, which is helpful when negotiating complex structures.’

Key clients

ABN Amro Commercial Finance

Aldermore Invoice Finance

BNP Paribas Commercial Finance

Lloyds

Close Invoice Finance

RBS Invoice Finance

Deutsche Bank

HSBC Invoice Finance

Shawbrook Bank Business Credit

Siemens Financial Services

ING Commercial Finance

Sonovate

Bibby Financial Services

Coöperatieve Rabobank U.A.

NatWest

Trade and Development Bank

AIG Europe S.A.

Almastone

HSBC plc

ING Wholesale Banking

Payoneer

Work highlights

  • Advised British Steel on a £50m ABL facility provided by Secure Trust Bank.

Morgan, Lewis & Bockius UK LLP

Despite having a smaller core UK-based team than some of the firms in the ranking, Morgan, Lewis & Bockius UK LLP's two-partner offering punches above its weight and is particularly visible for lenders (including core client Wells Fargo) on transatlantic deals often involving complex intercreditor arrangements. 'Highly experienced' dual UK and US-qualified team head Georgia Quenby has 'deep expertise in the ABL sector' on new money deals as well as in a restructuring context; she recently advised Wells Fargo on a $475m syndicated ABL facility to fund KPS Capital Partners' acquisition of the Briggs & Stratton group out of Chapter 11 bankruptcy. Victoria Thompson is also dual qualified and as well as providing invaluable support to Quenby on transatlantic mandates, has also been particularly active of late on ABL-related workout/refinancing mandates within the aviation and retail sectors.

Practice head(s):

Georgia Quenby

Other key lawyers:

Victoria Thompson; James Mead

Testimonials

Georgia Quenby is highly experienced and has deep expertise in the ABL sector.’

Key clients

Wells Fargo Capital Finance (UK) Limited

Wells Fargo Bank, NA, London Branch

Cyrus Capital Partners, LP and DLP Holdings S.à r.l. (a Cyrus Capital Partners controlled company)

Bank of America, NA

JP Morgan Chase

Investec Bank plc

Westcon Group

Aurelius Finance Company

Bantry Bay

Callodine

Tenax Capital

Tosca Debt Capital Fund

M and G

Work highlights

  • Advised Wells Fargo Bank, as administrative agent, collateral agent and lender on a $475m syndicated, ABL facility made available to finance the acquisition by KPS Capital Partners, LP of the Briggs & Stratton group out of Chapter 11 bankruptcy in the US and for general working capital purposes.
  • Advised Aurelius Finance Company on a $20m term loan facility to the FitFlop group.
  • Advised Westcon Group on a new €275m receivables finance facility with a European banking syndicate led by Crédit Agricole Leasing & Factoring and on the refinancing of its existing $224m syndicated receivables financing facility led by HSBC Invoice Finance (UK) Limited.

Norton Rose Fulbright

Led from London by 'very effective negotiator' Michael Black and aided by a pervasive international network of offices, Norton Rose Fulbright is particularly effective at advising lenders on complex cross-border ABL-related corporate lending mandates. Much of this work emanates as a result of Black's deeply entrenched relationships with major US-based commercial banks, including Bank of America, which he continues to regularly advise on sophisticated multi-jurisdictional deals, including where the ABL facility forms a key part of an overarching financing structure involving debt capital markets and conventional lending. The 'responsive and user-friendly' Alex Dunn has an 'exceptional knowledge of the lending area' and regularly employs ABL financing techniques for lenders on bilateral and syndicated financings.

Practice head(s):

Michael Black

Other key lawyers:

Alex Dunn; Charlotte Hickman; Helen Masri

Testimonials

The team is professional, knowledgeable, practical and very client-focused.’

Michael Black is an excellent attorney with deep knowledge of secured lending and the marketplace. He is a very effective negotiator and analyses issues both from a business and legal standpoint and finds creative solutions.’

‘The responsive and very user-friendly Alex Dunn has exceptional knowledge of the lending area.’

Key clients

Wells Fargo

Bank of America

Citibank

JP Morgan Chase Bank

HSBC Invoice Finance

ABN Amro

Citizens Bank

Caisse de Depot et Placement du Quebec

Regions Bank

Work highlights

  • Advised Bank of America in its capacity as agent and lender, under $710m facilities made to IPL Plastics Inc. and its affiliates.
  • Advised Bank of America on a $70m ABL facility for the Singer Sewing Machines group.
  • Advised JP Morgan Chase in relation to its $40m ABL facility to Trax Group.

Pinsent Masons LLP

Benefiting from core ABL financing expertise, based primarily out of the firm's Birmingham office, and also able to draw upon its broader overarching finance and restructuring expertise spread across the national network, Pinsent Masons LLP is well-positioned to provide a 'commercial and solutions-oriented' service to lenders (including clearing banks and challengers) and corporates both at the front end of deals, as well is in a distressed context. 'Calm and unflappable' team head Edward Sunderland has 'great expertise in the ABL arena', enabling him to 'smoothly run deals', ranging from relatively commoditised invoice financing and receivables mandates, through to more complex securitisation style financings. Harnessing her broader insolvency prowess, and also benefiting from excellent knowledge of the underlying ABL product, London-based partner Gemma Kaplan is a key resource for funders as creditors in a restructuring/recoveries context.

Practice head(s):

Edward Sunderland

Other key lawyers:

Amy Flavell; Ian Falconer; Victoria Baker; Gemma Kaplan; Philippa McCarthy

Testimonials

The team works tirelessly to ensure a deal gets done within agreed timescales and is always very pleasant, often under quite a bit of pressure.’

They are a pleasure to work with on ABL deals.’

The team is commercial and solutions-oriented.’

The calm and unflappable Edward Sunderland has great expertise in the ABL arena and never gets flustered. Ed helps to smoothly run deals.’

Key clients

Shawbrook Bank Limited

Arbuthnot Commercial Asset Based Lending Limited

IGF Invoice Finance Limited

Nucleus Commercial Finance

Nucleus Cash Flow Finance Limited

Bibby Financial Services Limited

Secure Trust Bank

Aldermore Invoice Finance

ABN AMRO Commercial Finance

Close Brothers Invoice Finance

Clydesdale Bank Invoice Finance

Simpsons Malt Limited

Work highlights

  • Acted for SML providing advice in relation to a £90m master facilities agreement (comprising a receivables and inventory facility) provided by PNC Business Credit.
  • Advised Shawbrook in respect of an ABL agreement  (comprising a receivables, inventory, P&M and real property facility) to Esterform Packaging Limited.
  • Represented Secure Trust Bank in respect of a receivables finance facility agreement to Archant Community Media Limited.

Squire Patton Boggs

Squire Patton Boggs has 'deep knowledge of ABL techniques' which it deploys to good effect on behalf of a primarily funder-oriented client base, including commercial banks and alternative lenders. Although numerous lawyers based out of the firm's regional offices do have some ABL knowledge as part of their broader finance offering, the engine room of the team remains in London and is overseen by the 'very effective' and experienced Paula Laird, who has developed a formidable reputation in the market for advising on both domestic and cross-border mandates. Noted for his 'attention-to-detail and business acumen', senior associate Tom Dell’Avvocato also continues to develop a strong reputation in the market and provides invaluable assistance to Laird on many of these mandates.

Practice head(s):

Paula Laird

Other key lawyers:

Tom Telford; Gareth Timms; Claire Shepherd; Graham Ball; John Alderton; Tom Dell’Avvocato; Stephen Downey

Testimonials

The team has deep knowledge of ABL techniques and offers the best assistance, both in terms of quality and time-responsiveness.’

The team is accessible and committed to providing an innovative solution.’

The team provides a solutions-based approach.’

Paula Laird has significant market presence.’

‘Tom Dell’Avvocato has  good attention to detail, business acumen and accessibility.

‘Claire Shepherd is enthusiastic, helpful, knowledgeable and decisive.

Key clients

Apollo Global Management

Lloyds Banking Group

The Royal Bank of Scotland

White Oak

Wells Fargo

HSBC

ABN AMRO

The PNC Financial Services Group Inc

Gordon Brothers

Aurelius

Pretura Commercial Finance

Arbuthnot Commercial Asset Based Lending Limited

Work highlights

  • Advised the invoice finance lenders on bespoke, syndicated sponsor-backed inventory finance facilities to Cinch Cars backed by TDR Capital.
  • Advised Aurelius Finance Company Limited in relation to second lien inventory finance facilities provided to M&Co retail group in connection with completion of its pre-pack administration within a very compressed timeframe.
  • Advising ABN AMRO as lead counsel on the cross- border financing for Cerberus on its acquisition of Staples Solutions.

Crowell & Moring

At Crowell & Moring, the 'excellent' Andrew Knight is the principal contact for ABL-related work. Since joining the firm at the end of 2019 from Squire Patton Boggs, Knight has effectively been able to leverage his well-established ties with numerous non-clearing bank UK and US commercial bank funders, to pick up a range of new money and distressed deals in his new surroundings.

Practice head(s):

Andrew Knight

Testimonials

Andrew Knight is excellent.’

Shoosmiths LLP

Galvanised at the end of 2019 by the arrival of Jon Bew and Natalie Barnes from Irwin MitchellShoosmiths LLP has rapidly gained visibility in the market as a result of the strong connections and excellent track record both practitioners have for dispensing 'industry leading advice and support at very competitive rates'. Bew now heads a dedicated team out of the firm's Birmingham office and along with Barnes has hit the ground running, advising a primarily funder-focused client base on ABL-related structures (including receivables financings, supply chain finance, invoice discounting and off balance sheet structures) to provide financing/refinancing to regional and UK-wide businesses, many of which required urgent injections of liquidity to shore up balance sheets impacted as a result of the pandemic.

Practice head(s):

Jon Bew

Other key lawyers:

Natalie Barnes

Testimonials

They offer industry leading advice and support at very competitive rates. Excellent accessibility to partners, who are very approachable.’

The ABL team at Shoosmiths have a dedicated team of specialist partners and support lawyers with a wealth of experience in this sector meaning they are the “go to” law firm for a wide and diverse range of legal advisory requirements from ad hoc advice to more structured transactions.’

They have a very hands-on approach, commercial and practical but with fantastic legal knowledge and experience.’

Proactively bring solutions to commercial challenges and opportunities to improve customer and client experiences.’

Jon Bew has superb engagement on deals, sees the wider picture and importantly is never afraid to give clients the right message with a very frank approach.’

Jon Bew and Natalie Barnes undertake a large amount of work for us on a regular basis, with excellent results, helping us to always deliver on time. Their advice and support is greatly appreciated, always on hand to help overcome hurdles, and present a clear way forward – taking the complexity away and replacing it with clear advice.’

Key clients

Arbuthnot Commercial Asset Based Lending Limited

Investec Bank Plc

Shawbrook Bank Limited

ABN AMRO

Hilco Capital

Secure Trust Bank Plc

Hitachi Capital

Close Brothers/Close Invoice Finance

IGF Business Credit Limited

Woodsford TradeBridge

Work highlights

  • Advised Hilco Capital on a £15m working capital facility to British retailer French Connection.
  • Acting for ABN AMRO on an £11m facility to support ground engineering contractor Van Elle.
  • Advised Shawbrook on a financing package to support the fruit farming business Bardlsey with the acquisition of competitor Newmafruit.

Bermans

The 'highly experienced' five-partner team at Bermans provides a 'cost-effective' and 'pragmatic' service, both on the transactional and litigation front, to commercial finance and alternative finance companies providing funding to owner-managed business and SMEs. The firm has developed a particular expertise in relation to invoice financing, a sector of the market in which Liverpool-based team head Alex Chapman and Manchester-based partner David Gledhill provide an 'exceptional service' and maintain superb client loyalty as a result of their many years' experience in the field.

Practice head(s):

Alex Chapman

Other key lawyers:

David Gledhill; Jonathan Berkson; Ian Munford; Andrew Henderson; Alissa Marsh; Adam Patel

Testimonials

A highly experienced team, focused on providing an excellent client service by experts in their field.

The team is knowledgeable, approachable, direct and skilled.’

Service levels are excellent and they work hard at the relationship side.’

The team displays a pragmatic approach to problem solving.’

Years of experience with good advice, value for money and good service.’

David Gledhill – always ready to help and knowledgeable.’

Key relationships are with David Gledhill and Alex Chapman, the reason we work with Bermans is due to the expertise, certainty of delivery and commitment to exceptional service levels by these individuals.’

Alex Chapman and Ian Munford provide great service and they are enjoyable to work with.’

Bryan Cave Leighton Paisner LLP

Forming an integral part of the firm's overarching banking capability, which is led from London by Emma Howdle-FullerBryan Cave Leighton Paisner LLP's ABL offering ensures that it is able to advise lenders and corporates on standalone new money/refinancing facilities, as well as on deals involving complex inter-creditor arrangements (where the ABL tranche of debt sits alongside other forms of financing in the capital structure). Dual UK and New York-qualified partner Shanan Dunstan is the main contact for domestic and cross-border ABL-related mandates, work which has recently included advising US-headquartered companies utilising the product for both working capital facilities and refinancing purposes.

Practice head(s):

Emma Howdle-Fuller

Other key lawyers:

Shanan Dunstan; Daisy Reeves; Daniel Finch

Testimonials

‘Good diverse team with good knowledge.’

Key clients

Barclays Bank

BCA Marketplace plc

Emery Oleochemicals GmbH

Factofrance

Gett

HSBC

Kape Technologies Plc

Kids2, Inc.

Knight Dragon

Malin + Goetz

Mount Street

MUFG

NatWest

PCF Bank

Playtech Plc

Romulus

Scotia Bank

TC Global Finance Originations Limited

Tesco

Wells Fargo

Whittan Group Limited

Wireless Telecommunications Group, Inc.

Work highlights

  • Acted for American skincare manufacturer Malin + Goetz in relation to an ABL facility provided by boutique ABL lender FGI Finance.
  • Acted for Kids2,Inc. and its subsidiaries in connection with the refinancing of its business by senior and subordinated term and ABL facilities provided by White Oak Commercial Finance, Gordon Brothers and Dogwood Funding.
  • Acted for MUFG Bank, Ltd., London Branch in relation to multiple hundred million-plus receivables financing deals provided by the commodities and structured trade finance team to global energy, commodities, chemical, wholesale, logistics, distribution and packaging companies.

Mills & Reeve LLP

At Mills & Reeve LLPZak Virgin leads the national team from the Norwich office and has succesfully cultivated a strong practice advising both funders and borrowers on mid-market ABL-related domestic mandates.

Practice head(s):

Zak Virgin

PDT Solicitors

Horsham-based firm PDT Solicitors has a strong reputation in the domestic commercial finance market, established as a result of many years' experience advising funders on invoice finance and smaller ABL mandates, from a new money perspective, as well as in the context of restructuring and recoveries. The experienced Noel Ruddy remains the standout partner and has an 'excellent all-round' perspective of the factoring/ABL market, not only from a financing perspective but also in relation to corporate/M&A work in the space.

Practice head(s):

Noel Ruddy; Dawn Shadwell; William Angas

Other key lawyers:

Ben Ashworth

Testimonials

The team provides very clear advice which is pitched at the right level.’

The personable Will Angas understands our business and will always provide a best/worst case scenario allowing us to make considered decisions.’ 

Noel Ruddy has an excellent all-round perspective of the market.’

Key clients

ABN AMRO Asset Based Finance N.V.

Bibby Group

Breal Zeta CF Limited

BNP Paribas Commercial Finance

Calverton Finance Limited

Close Invoice Finance Limited

FSE Group

Investec Capital Solutions Limited

Nucleus Commercial Finance Limited

Pulse Commercial Finance Limited

Select Invoice Finance Limited

Advantage Commercial Finance

Growth Lending

Innovation Finance Limited

Time Finance (previously Gener8 Finance)

Arbuthnot Commercial Asset based Lending Limited

Satago Financial Solutions

FlexABL Limited

Work highlights

  • Advising the management shareholders to assist in the sale of Advantedge Commercial Finance Limited and Advantedge Commercial Finance (North) Limited to eCapital Corp.
  • Advising ABN AMRO and the administrators (KPMG) in the collect-out of a failed national glazing company’s debtor ledger worth more than £2m.