HTB completes £2.6m asset refinance for recycling business
By Joe LyonsHampshire Trust Bank's (HTB) structured asset finance division has completed a £2.6m asset refinance to assist a European recycling business.
Section: Case Studies
As part of a wider restructure, the family-run business decided to move its banking facilities and sought to refinance its existing agreements.
Robert Still, head of business development of specialist asset finance at HTB (pictured above), said: “Using the hard assets of the group, we were able to refinance the existing facility, thereby releasing £1m of cash into the business.”
Robert noted that this resulted in the company saving £100,000 per month across the facility.
“The case required a commercial approach, given the sudden and challenging circumstances that Covid-19 brought about.
“I am delighted we were able to deliver to the customer the facility they needed to keep the business moving forward in a more cost-efficient way.”
Andy Redman, managing director at ABL Business, who brokered the deal, said: “It has been a pleasure working with Robert Still on this deal.
“Due to recent events, it has had its complications, but with the commercial attitude and communication from HTB, we were able to work through these and put in place a facility for the client that will allow them to move forward and grow.”
Keywords: Hampshire trust bank, HTB, Covid-19, coronavirus, asset refinance, Europe, recycling business, European recycling business, banking facilities, refinance, structured asset finance, bridging and commercial