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Addleshaw Goddard

100 BARBIROLLI SQUARE, MANCHESTER, M2 3AB, ENGLAND
Tel:
Work 0161 934 6000
Fax:
Fax 0161 934 6060
DX:
14301 MANCHESTER
Web:
www.addleshawgoddard.com

Simon Prendergast

Tel:
Work 0161 934 6027
Email:
Addleshaw Goddard

Work Department

Banking.

Position

Simon is a partner in the finance and projects division, specialising in asset based lending and receivables financing. Simon advises a range of bank owned and independent ABLs in relation to all types of asset based lending and receivables finance transactions, including syndicated ABL facilities, off balance sheet receivables purchase facilities and supply chain finance. His clients include RBS Invoice Finance, HSBC Invoice Finance, Lloyds Bank Commercial Finance, Barclays Bank, PNC Business Credit and Leumi ABL.

Career

Trained Cameron Markby Hewitt; qualified 1994; partner Addleshaw Goddard 2013.

Member

Law Society.

Education

Hulme Grammar School, Oldham (1987); Oxford University (1990); College of Law, Chester (1992).

Leisure

Walking, football.


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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North West: Finance

Banking and finance

Within: Leading individuals

Simon Prendergast - Addleshaw Goddard

Within: Banking and finance

Addleshaw Goddard's 'hardworking and pragmatic' team 'always delivers' and is active across asset-based lending, asset finance, corporate banking, leveraged finance, project finance and real estate finance for both borrower and lender clients. The team advised The Hut Group on the amendment and restatement of its £515m term and revolving facilities provided by a banking syndicate comprising of Barclays Bank, RBS, HSBC Bank and others; advised Tosca Debt Capital LLP on a £10.2m second lien term loan to Verna Group Bidco in connection with the purchase of the business and assets of Synergy Health and the redemption of existing facilities with RBS; and advised Radius Payment Solutions on £255m term and revolving facilities and £50m accordion facilities in connection with the minority acquisition of Radius Payment Solutions by Inflexion Equity Partners LLP. RBS Invoice Finance, Investec Asset Finance, Speedy Hire, Dechra Pharmaceuticals and Radius Payment Solutions are also clients. The six-partner team is headed by Martin O’Shea, who is an 'excellent communicator'. Andrew Maskill, who is noted for his 'commercial approach' and heads the asset finance practice with Rebecca Williams, which includes managing associate Louise Jones. Also recommended are Simon Prendergast, who specialises in asset-based lending and trade finance work; the 'exceptional' Richard Oman, who focuses on corporate lending and leveraged acquisition finance; Katie Ridehalgh, who leads the real estate finance practice; legal directors Richard Chandler  and 'strong negotiator' Caroline Gray, who was promoted in 2017; and managing associate Ben Edwards.

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