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2015 Deals
- 1. 2015 ayearofgrowth Discover howAsset Based Lending helped our clients achieve their goals
- 2. At ABN AMROCommercial Finance, we are committed to communicating the benefits of Asset Based Lending (ABL) to as many businesses and their trusted advisers as possible. Our 2015 review highlights the diverse range of companies that have used ABL to boost cashflow and the following pages provide a cross-section of deals completed across numerous sectors, helping them to leverage funding, boost working capital and invest in opportunities. Our clients’ success stories, both domestic and international, were made possible thanks to a shared passion for excellence across the Group, and our multi-local solutions have gone from strength to strength. 2015 also saw us continue our intensive Customer Excellence programme. Its success aided improvements to our systems and processes, enabling us to provide smoother, faster and more seamless transactions, as well as offering one of the lowest Debt Turn days within the UK market. We recognise speed is vital when it comes to funding as it ensures orders are met, services are delivered, and opportunities are seized.The ABL model itself is designed to provide the financing companies need, when they need it.The flexibility of ABL means that structured working capital finance can be uniquely packaged much faster than traditional finance packages, to help with unexpected challenges or periods of organic and acquisitional growth. As we move forward, we will continue putting our customers at the heart of everything we do. We will dedicate ourselves to helping businesses both here in the UK and across Europe. Whether it’s a smaller business with a turnover of £1m or a blue-chip global corporation with a turnover in excess of £250m, ABN AMRO Commercial Finance has the reach, scope and ambition to raise the funding they need to realise their ambitions. We look forward to working with you in 2016. With very best wishes, Peter Ewen, Managing Director
- 3. meettheteam Birmingham Guy Walsh Sales Director– North 07909 886140 guy.walsh@abnamrocomfin.co.uk Ben Pittam Business Development Manager 07780 957639 benjamin.pittam@abnamrocomfin.co.uk Cardiff Kelvin Thomas Sales Director – Wales & West 07742 514101 kelvin.thomas@abnamrocomfin.co.uk Cambridge Michael Davis Business Development Manager 07990 675515 michael.davis@abnamrocomfin.co.uk Haywards Heath Ian Burman Sales Director – Central 07780 957648 ian.burman@abnamrocomfin.co.uk Tony Tydeman Regional Manager 07971 493092 tony.tydeman@abnamrocomfin.co.uk Phillip Mcleod Business Development Manager 07890 266317 phillip.mcleod@abnamrocomfin.co.uk Leeds James Elliott Business Development Manager 07780 957642 james.elliott@abnamrocomfin.co.uk London Rick Owens Sales Director – London 07780 957634 rick.owens@abnamrocomfin.co.uk Steve Kilby Business Development Manager 07971 493095 steve.kilby@abnamrocomfin.co.uk Lyle Ammon Business Development Manager 07984 978605 lyle.ammon@abnamrocomfin.co.uk Jamie O’Neill Business Development Manager 07900 668144 jamie.oneill@abnamrocomfin.co.uk Manchester David Rushton Regional Director 07973 370882 david.rushton@abnamrocomfin.co.uk Natalie Jameson Business Development Manager 07775 818449 natalie.jameson@abnamrocomfin.co.uk Nicholas Russell Business Development Manager 07974 923316 nicholas.russell@abnamrocomfin.co.uk Milton Keynes Robert Kelly Business Development Manager 07930 325390 robert.kelly@abnamrocomfin.co.uk Southampton Ian Moody Business Development Manager 07920 454997 ian.moody@abnamrocomfin.co.uk Deborah Bell Head of Sales 07984 978601 deborah.bell@abnamrocomfin.co.uk
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- 5. Growth £650k Healthcare This healthcare specialist requiredfunding for NHS contracts and support for growth forecasts. • Receivables FinanceFUNDING LINE Turnaround FUNDING LINE £2m Facilities Management A phased restructuring and projected growth required additional funding support. • Receivables Finance Acquisition FUNDING LINE £6m Vacant Property Maintenance & Security This private equity-owned business wanted to repay acquisition debts and shareholder loan notes with the repayments pre-agreed. Our breadth of knowledge and understanding enabled us to structure a bespoke funding solution. • Receivables Finance • Cashflow Term Loan Growth FUNDING LINE £750k Finance Working capital is vital for payroll companies to operate successfully and enable growth ambitions. • Receivables Finance FUNDING LINE Growth £1m Property Rental This London-based short-term residential letting business required working capital to continue its steep growth curve and fulfil its impressive ambitions. • Receivables Finance Growth FUNDING LINE £450k Electronics A tailored alternative to existing credit terms was required by this established business to benefit from higher funding lines and lower costs. • Receivables Finance
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- 7. Refinance FUNDINGLINE £2m Mailing & Distribution Anestablished mailing and distribution solutions provider approached us in the midst of the business restructuring to support cashflow needs and expansion plans. • Receivables Finance Refinance FUNDINGLINE £6m Electronics When our existing client was acquired by a larger company, we were able to replace the acquirer’s existing funding package with an enlarged facility with three operating companies to support the group moving forward. • Receivables Finance Refinance FUNDINGLINE Packaging It’s always gratifying when a client returns to us and we were only too willing to welcome them back with a greater funding line than the incumbent provider. • Receivables Finance £750k Acquisition £2m Haulage This successful, SouthYorkshire-based company, with a strong financial performance and experienced management team, required the right funding package to facilitate its corporate restructure. • Receivables Finance • Cashflow Term Loan FUNDING LINE FUNDINGLINE Refinance £2m Post & Mailing An existing client saw its top debtor double in size, and therefore required flexibility from us to adapt and adjust its funding agreement to provide the service and limits required. • Receivables Finance • Bad Debt Protection Refinance FUNDINGLINE £1.75m Print Distribution We were delighted to support the purchase of this long-established family business with a funding solution which enabled the transaction and safeguarded future working capital. • Receivables Finance • Enterprise Finance Guarantee Loan
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- 9. Acquisition FUNDINGLINE £3m Mouldings We were delightedto support our client’s share purchase in conjunction with a Birmingham-based equity provider, creating additional business for further growth. • Receivables Finance • Property Term Loan Growth FUNDINGLINE £1.65m Beds This manufacturer’s incumbent provider wanted to lower advance rates and fund availability just as the business was accelerating for growth. • Receivables Finance • Enterprise Finance Guarantee Loan Growth FUNDINGLINE Home Furnishing When this manufacturer required additional financing to support growing sales, we were able to exceed expectations by providing an additional £500k of funding. • Receivables Finance • Inventory Finance £3m Refinance £850k Food This family-owned manufacturer required refinancing due to restrictions on a new customer and benefited from increased lines and advance rates. • Receivables FinanceFUNDINGLINE FUNDINGLINE Refinance £1.65m Lighting This well-established and well-supported AIM-listed light manufacturer was seeking to release greater working capital for growth. • Receivables Finance • Enterprise Finance Guarantee Loan Growth FUNDINGLINE £850k Aerospace Working capital was essential in order for this well-established manufacturing business to thrive. • Receivables Finance • Bad Debt Protection
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- 11. New Start FUNDINGLINE £200k IT This Bristol-basednew-start recruitment company required a bespoke funding solution which allowed flexibility and growth. • Receivables Finance Equity Release FUNDINGLINE £3.25m Hospitality Equity release along with increased working capital was the funding challenge we were happy to assist with. • Receivables Finance • Cashflow Term Loan Refinance FUNDINGLINE £9.5m Acquisition FUNDINGLINE £3m IT To support the acquisition of a Suffolk-based consultancy we provided a tailored solution to ensure a smooth transaction and ongoing liquidity. • Receivables Finance • Enterprise Finance Guarantee Loan Multi-discipline Professional This leading London recruitment company required funding against receivables and work in progress (WIP) which differentiated our offering and provided liquidity to finance future growth. • Receivables Finance Refinance £2m Finance The objective of this specialist consultancy was to improve upon the restrictive funding lines of its existing lender and release further working capital across its large customer base. • Receivables Finance FUNDINGLINE New Start FUNDINGLINE £500k Tech & Construction Established by a group of Dutch investors, this business required new-start support with protection, allowing them to focus on growth. • Receivables Finance
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- 13. New Start FUNDINGLINE Food A formerMD of a business we currently provide funding to asked us to provide working capital for the super foods company he is now associated with.The company predominantly supplies European supermarkets. • Receivables Finance • Bad Debt Protection Acquisition FUNDINGLINE £1m Automotive A highly-successful automotive spare parts business needed a funding solution which would enable a Management Buy Out and ongoing working capital. • Receivables Finance • Enterprise Finance Guarantee Loan £1m Refinance FUNDINGLINE £30m Materials & Plant This leading materials handling and plant hire Group required a key partner in a long-term ABL solution involving a six-bank syndicated facility – providing a total of £200m in finance. • Receivables Finance • Trade Receivables • Plant & Machinery Term Loan FUNDINGLINE Acquisition £490k Growth £250k Telecommunications Recommended by an associate, this new telecommunications manufacturer knew exactly where to turn for working capital to kick start their new venture. • Receivables FinanceFUNDINGLINE Clothing & Supplies When this Derby-based office supplies and work wear business faced a challenging refinance, we were able to provide a tailored and flexible funding solution to enable the management team to focus on diversification and growth of the business. • Receivables Finance
- 14. internationalsolutions Expanding your ambitionsacross multiple borders can leave you feeling stretched: multiple partners, the complexity of cultures, fragmented financial systems and the rigid red tape of regulatory requirements. But there is a painless way to drive new growth throughout Europe. A solution that flexes the muscles of all of your regions to leverage the value of your assets. Our core commercial finance services are: • Full Cross-Border Finance • Multi-Local Commercial Finance Full Cross-Border Finance allows your assets to be cross-collateralised and centrally managed. Funding is maximised by leveraging your Group strength. We can establish one Group facility under a single legal agreement, funded through a lead agent structure that lends directly to your organisation. Simple and highly versatile. Multi-Local Commercial Finance is a variation to Full Cross-Border Finance as we oversee all regional agreements to operate as a single, joined-up partner, giving autonomy to your local management teams. Our specialised teams ensure that the process runs smoothly, minimising set- up costs and reducing timelines. With a passion for partnership, we shape each solution and mould it to your needs. Sustainable, seamless integration, remaining flexible as you grow.
- 15. Background A prestigious internationalfood company whose product portfolio comprises food service and processed meat industries for the retail sector. With a catalogue of client-specific products and innovative concepts, they supply retail, industrial and food service clients across the Netherlands, Germany and indeed, the globe. Reason for Finance Having recently streamlined its focus, the business had a strategic agenda to further rationalise its footprint in order to reduce costs and increase profitability. Releasing €125m working capital through Accounts Receivables Finance was key to its success and speed was of the essence in order to facilitate the business’s development and ambition. The Solution The transaction was very complex due to the size of the facility but the ACF Group worked quickly to structure a multi-local €40m solution towards the total requirement. Acting as Lead Arranger and Collateral Agent, the ACF Group worked fast to secure syndicate support across two finance partners in the UK and another in the Netherlands to deliver the remaining finance sought. Highlights • Complex Cross-Border Commercial Finance structure, executed smoothly. • Reliable – ACF Group acted as Lead Arranger and Collateral Agent across all three countries on behalf of the syndication, providing a global line of €125m (ACF €40m). • Fast response – the process from decision to execution took just eight weeks. • Collaborative – Successful Cross-Border Financing with seamless cooperation between all parties with tight deadlines and liaison with banking facilities such as trade finance. Sector: Wholesale & Distribution Product: Purchase of Receivables (Syndicate loan with two other international banks) Facility: €125m, of which lead arranger ABN AMRO Commercial Finance contributed €40m
- 16. Reason for Finance Inrecent years, the Group has developed the business model to improve efficiency, including restructuring the financial facilities.The business was feeling increasingly restricted by limits on existing Senior Bank facilities and additional finance was required to meet its medium-term strategy of expansion via acquisition.This financing transaction featured the conversion €180m out of €500m total debt into a Receivables Financing facility, with the consent of the incumbent banking syndicate. The Solution The ACF Group acted as Lead Arranger and Collateral Agent to structure a unique Cross-Border Receivables funding solution across four territories on a club deal basis. All four financiers participated within a Loan Market Association (LMA) standard legal structure from the start in a shared risk in their own territory, providing a global line of €180m (ACF €80m). Highlights • Complex Cross-Border Financing across four territories in France, the UK, the Netherlands and Belgium. • Collaborative – Working with three other financiers committed to participate providing a European factoring line. • Reliable – the ACF Group acted as Lead Arranger and Collateral Agent across all four countries on behalf of the syndication providing a global line of €180m (ACF €80m). Sector: Distribution Product: Purchase of Receivables Facility: €180m, of which lead arranger ABN AMRO Commercial Finance contributed €80m Background A large European distributor with a commitment to innovation and adapting its products for the marketplace. The business generates over €1.5 billion in revenues and has thousands of employees spread over numerous countries. internationalsolutions
- 17. Background This fast-growing companyoperating across numerous territories produces consumer goods, focusing on innovative household products for cleaning, safety, cooking and personal care. Reason for Finance The business had growing international ambitions but needed to find the right kind of finance to turn this into a reality. The funding solution had to offer the flexible release of working capital to adjust to seasonal influences as well as provide the headroom required for growth. The Solution The ACF Group worked together to create a cross-border club deal construction with Deutsche Bank. A funding facility totalling €100m leveraged via 90% advance on receivables and 65% advance against inventory across our Group.The nature of this responsive finance against revolving receivables and inventory provided the business with the ability to flex automatically with seasonal highs and lows. Highlights • Cross-Border Finance across four territories in the Netherlands, the UK, France and Germany. • Responsive – flexible finance which adjusts to seasonal influences. • Collaborative – €100m leveraged via 90% advance on receivables and 65% advance against inventory across our Group. • Reliable – the ACF Group acted as Lead Arranger and Collateral Agent across all four countries, successfully attracting participants to meet the funding requirements. Sector: Manufacturing Product: Purchase of Receivables and Inventory Facility: €100m
- 18. thebuilding blocksofsuccess casestudy: MediaCityUK: One ofthe many iconic landmarks that have used Michelmersh products during construction How the UK’s leading independent brickmaker survived the recession with the help of ABN AMRO Commercial Finance
- 19. Traditionally, construction isthe first industry to enter recession and the last to exit. This was never more apparent than during the 2008 recession, when the industry experienced one of the largest decreases in job numbers of any UK sector and its output fell faster than the whole UK economy. With contractors unable to pay subcontractors and suppliers, cashflow was in rigor mortis, while at the same time, traditional bank finance was becoming increasingly difficult to attain. By 2009, the number of companies declaring bankruptcy had risen to its highest level since 1995. As house building took a hit, Michelmersh Brick Holdings PLC, the UK’s largest independent brickmaker, began to feel the pressure. Established in 1997, the company had grown through acquisition and organic growth into a profitable and asset-rich business. But with cashflow halting due to the recession, Michelmersh needed support. Laying the foundations of recovery Michelmersh turned to ABN AMRO Commercial Finance to release cashflow from debtors and other assets. Paving the path to prosperity Michelmersh is enjoying the benefit of the upturn in the UK construction sector, having established a successful operational structure over five years of hard work. Profitability has increased dramatically, and the cashflow generated has put the Group in a net cash position that is set to improve with further sales of surplus assets. Recently Michelmersh’s products have been used in high-profile projects such as the Brentford Lock West, the award-winning ORTUS Learning Centre and the ITV Studios at MediaCityUK. Thanks to ongoing support from ABN AMRO Commercial Finance, Michelmersh has recently been able to end its account as it no longer has borrowing requirements. Morgan concludes: “ABN AMRO has always been supportive, even when our business recovered to the extent that we no longer needed their services. I will have no hesitation in reigniting our relationship if we need finance in the future.” “ The team always demonstrated a willingness to find a solution to our funding requirements. They were innovative in identifying different arrangements for the various assets we had available, and were encouraging and flexible in putting structures in place. Whilst the arrangements were always properly secured, the Commercial Finance team were fair and measured in their suggestions.” Stephen Morgan, Finance Director, on the decision to work with ABN AMRO Commercial Finance. The arrangements implemented in 2008 were flexible and were adjusted to reflect changes in the business, such as the gradual reduction in borrowing that accompanied improvement in its trading performance. ABL provides an extremely valuable short-term solution for businesses experiencing financial pressure and helps create real success stories. One such example is Michelmersh. “We are really pleased that leading brickmaker Michelmersh has gone from strength to strength, and no longer has borrowing requirements. They leave us with our congratulations and very best wishes for the future.” Peter Ewen, Managing Director
- 20. We pride ourselveson customer excellence and our focus on their changing needs. We are dedicated to improving our service, which is measured annually in a satisfaction survey. Using the globally acknowledged benchmark of a Net Promoter Score, we achieved +73 in 2015 – a significant increase from +40 in 2014. Proof once again, that our clients actively value our service. But don’t just take our word for it... client testimonials “ABN AMRO Commercial Finance has allowed our company to expand in such a way that exceeded our original business plans. We have begun to increase assets to support our rapidly growing Plant Hire division based in Stansted, Essex, which simply wouldn’t have been possible without the support of ABN AMRO.” Ben Haines Managing Director, Green Build Environmental “What distinguished ABN AMRO Commercial Finance was their early understanding of exactly what it was we were seeking to achieve. A number of funders showed significant interest, but we felt from the beginning that they lacked the insight shown by the ABN AMRO team.” Peter Smith Chairman, TIA Treadsetter “Right from the start, I was impressed with ABN AMRO’s willingness to truly understand the needs of my business – a characteristic that has never diminished over the years. In contrast to the attitude of my bank, ABN AMRO Commercial Finance has consistently treated me as a valued client.” Barry Seaman Owner, Richmond Caterers “I’ve found the team at ABN AMRO to be very helpful and flexible around our commercial needs. For example, we have been growing our sales with a particular customer and we needed an increase in our concentration limit to maintain funding, ABN AMRO was able to approve an increase in the limit within a fortnight.” Manish Mandavia Financial Director, Donatantonio
- 21. partner testimonials “Given the newenvironment, modern Asset Based Lending with a reputable lender (such as ABN AMRO) should be high on the list of potential solutions for any trading business seeking finance. The focus on the current assets of a business and leveraging on these assets can often provide funding lines in excess of other, more traditional forms of finance, such as the overdraft, which often focus more on the profitability and cashflow of the business.” Richard Brier Isaacs Business Finance Ltd “ABN AMRO Commercial Finance has always been one of the most knowledgeable and experienced ABL houses in interpreting, quickly reacting to and working creatively to accommodate the complexity and nuances of this type of funding structure.” Dave Edwards Litmus Advisory “The team at ABN AMRO Commercial Finance is extremely knowledgeable about the various ABL products and how they can benefit businesses in numerous sectors. The experience they posses means that they can quickly identify the right solution to help the individual business needs and if they can’t, they will be just as quick to come back with an honest, down-to-earth appraisal.” Pete Bracey Bracey Accountants “I wouldn’t hesitate to recommend ABN AMRO Commercial Finance – they really care about your clients’ needs and understand the needs of the adviser, and have a huge amount of experience in providing creative funding solutions that work.” Matt Evans CEO, Essendon Capital Ltd “When advising our clients we often come across situations where traditional forms of finance are not practical, but invoice financing might be. We are always confident in recommending ABN as they are able to explain the benefits of the product in a way that clients understand, as well as coming up with flexible solutions at competitive prices, and providing a good, responsive service.” Peter Hedgethorne Plus Accounting “The team at ABN AMRO Commercial Finance is amongst the most experienced and knowledgeable in the industry. For me they stand head and shoulders above the ever-growing independent market, earning their place with a professional approach that delivers a fast and informed assessment that’s both consistent and utterly reliable.” Odhran Dodd CBW
- 22. Our ABL solutions Ongoingworking capital and growth solutions Receivables Finance Invoice Discounting Revolving funds needed to drive business forward without waiting 30/60/90 days. Factoring This reduces in-house headcount and takes away stress by including credit control to decrease late payment and allowing the business to focus on growth strategy. This is often offered on a confidential basis to firms with a well-established in-house sales ledger management team. of overall ABL funding is often made up of Receivables Finance. 90%of invoiced value can be received up front. The remaining balance is received upon payment, minus fee – providing instant access to working capital. up toup to 60% Bad Debt Protection An optional extra to either form of Receivables Finance to provide peace of mind and protection against customer insolvency.
- 23. Growth acceleration andtransactional support Revolving Inventory Funding against stock/inventory levels, usually secured by floating charge. Fixed-Term Loans This funding utilises plant and machinery or property based on an independent assessment of value on the open market within 3-6 months. on raw materials. 30% up to on plant machinery. 80% up to on property. 60%up to on finished goods. 50% up to Top-Up Loans A variety of loans including the government-backed Enterprise Finance Guarantee and Cashflow loans can enable the necessary funding required.
- 24. Are you a B2Bcompany? or Are you free from staged payments or highly-contracted relationships? Is the risk of dispute low? Do you bill post completion? no yes no yes no yes no yes Is ABL right for me?
- 25. or no yes no yes Is your business beingheld back by a lack of short/long-term working capital? Has your business identified a growth or transitional opportunity – such as an acquisition? 0800 274 0702 abnamrocomfin.com/contact-us Investigate the right funding for your business Contact us today to learn how Asset Based Lending from ABN AMRO Commercial Finance can help your business achieve its ambitions in 2016. no yes Does your business need to refinance from existing restrictive funding solutions?
- 26. At ABN AMROCommercial Finance we see ourselves as partners – providing much more than finance. If you would like to discuss your business challenges with a member of our team, contact us today. 0800 274 0702 abnamrocomfin.com/contact-us Connect with us: @abnamrocommfin ABN AMRO Commercial Finance www.abnamrocomfin.com/gbr