Home / Finance / Commercial Finance | A Recipe For Success From Credit Agricole Commercial Finance
May 20, 2011 by ?
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LONDON, May 10, 2011 /PRNewswire/ ? Credit Agricole Commercial Finance, the UK receivables arm of CreditAgricole, has delivered a GBP51,440,000 Asset Based Lending facility to amajor food group.
In 2007, Vision Capital LLP, an international private equity firm,purchased a portfolio of investments from Northern Foods plc. These includedthe UK?s leading supplier of savoury pastry products; a leading private labelsupplier of a wide range of fresh and frozen bread and speciality bakeryproducts; the leading UK private label producer of premium cakes and dessertsand a flour mill. Vision Capital sought to finance the businesses separately,thus allowing greater flexibility in the future and facilitating individualexits for each of the businesses.
Vision Capital retained the services of Litmus Advisory Ltd, a leadingasset based lending consultancy, to arrange the refinance and Credit AgricoleCommercial Finance proved itself to be more than capable of meeting thedemands and was selected to provide the funding for the companies.
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Within a tight time-frame, Credit Agricole Commercial Finance structuredand delivered three separate asset based lending deals: GBP17,000,000 for thepastry products supplier, GBP17,900,000 for the bakery company andGBP16,540,000 for the specialist cakes and desserts manufacturer.
Dave Edwards, Managing Director of Litmus, comments: ?Credit AgricoleCommercial Finance was prepared to be flexible, listened to what the clientswanted in each case and delivered on what they said they would. We weredelighted with the high service levels and they did an excellent job.?
Alister Wormsley, Managing Partner of Vision Capital, explains: ?Thecomprehensive nature of Credit Agricole Commercial Finance?s offer was veryimportant, as obviously it?s much easier for us to have one financier for allthree companies. In addition, they were approachable and took the time tounderstand our businesses and their specific requirements. The combination ofall these factors was very impressive.?
?We are pleased with our decision. The team at Credit Agricole CommercialFinance have proved themselves to be responsive, commercial andcustomer-focussed bankers.?
Jeff Longhurst, Managing Director of Credit Agricole Commercial Finance,concludes: ?We are delighted to have the opportunity to support the group inthe achievement of its strategic objectives and also to be able todemonstrate our capability and flexibility on this type of transaction.?
As a leading independent receivables finance specialist in the UK, CreditAgricole Commercial Finance provides facility levels from GBP500,000 up toGBP50 million.
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Source: http://silvager.com/commercial-finance-a-recipe-for-success-from-credit-agricole-commercial-finance/
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