The whole team at Praetura Asset Finance are both proud and delighted to have won the Deal of the Year Award at the 2020 Leasing World Gold Awards.
Every deal we do at Praetura is unique and personal to us, but for our efforts to have won an award, does make this one extra special; especially as the award-winning deal was for an asset refinance funding facility, which is an area of asset finance we are widely recognised for our team’s expertise in.
The deal that won the award was memorable for many reasons: it was one that was time consuming and complicated, but rewarding too, as the funding arranged enabled two mining and quarrying companies to join together and facilitate the management buy-out of a competitor.
This was a syndicated deal that was a combination of both asset and invoice finance raising £3.2 million.
Praetura Asset Finance took the role of lead funder; sourcing the syndicated partners, liaising with FRP Advisory, coordinating the negotiations to ensure the underwriting stipulations of each of the funders were met and ensuring all the necessary paperwork was in place at the right time, to allow the sale and take-over to go through.
Focusing on the PAF portion – funding totalling £1.6 million was arranged via a refinance deal of more than 30 assets, with the deal specifically structured to raise the cash required without increasing the company’s monthly outgoings.
Speaking to our Sales Director, Ric Simmons about the deal, he told us: “I remember the deal for many reasons, but particularly for it showcasing the range and depth of the options that asset refinance can make possible for a business. Also, that when working in partnership with a funder with notable expertise in this field, the arrangements can be structured to the specific needs of that individual business (or businesses)”.
Ric added “There are going to be more and more SMEs that need to raise funds for a wide variety of reasons as we move from this year to the next. These will include: bolstering their cash reserves to tide them over unpredictable months ahead, to plug gaps in their cashflow that the unprecedented circumstances of this year have left, to help them to diversify, expand, or facilitate management buy-outs or buy-ins. Asset refinance is one of the most risk averse and adaptable funding tools that (if the business has suitable equipment and vehicles to release the value from) can help in all of these situations”.
To find out more about the award-winning deal itself, please click here: Mining for millions case study.