Steve Nixon, Leumi ABL Regional Sales Director – London, explains that the deal came with a number of challenges: “We were asked to fund a pre-assigned debt and needed to generate sufficient headroom to replace facilities from both the existing invoice discounter and the bank's senior debt.  We now look forward to providing the funding flexibility that will help support the continuing growth of Corps Security in this testing market.”

Richard Abel, CEO at Bristol & London, felt that invoice discounting was the way forward to boost the company’s working capital: “After considering a number of potential finance providers it was clear that Leumi ABL stood out from the others.  They took the time to understand the finer points of our business and I was impressed by their efficient and proactive approach.  We look forward to Leumi ABL’s continuing support as we continue to expand our business.”

Jonathan Hughes, Regional Sales Director at Leumi ABL, adds: “This deal was characterised by a very unusual debt type and by complex security, and as a result took seven months to complete. One unusual aspect of the way the company does business is that it gives extended credit to its customers, who are all insurance companies, and so we offered extended financing. 

No-one else in the invoice finance market has the flexibility to offer this.  We believe Bristol & London is poised to see some healthy turnover growth and we look forward to supporting Richard and his team as they continue their expansion plans.”

Eric Sinclair, Managing Director at Philidas, was particularly impressed by Leumi ABL's approach to assessing the business: "From the very early stages, Chris grasped the nature of our business, understood our strengths and weaknesses, and the potential to grow the business. It was clear that Leumi ABL wasn't just out to win any deal, but would make a careful and thorough evaluation of the opportunity. During the two months from initial discussion to completing the deal, everybody I spoke to at Leumi ABL was extremely professional and the ongoing relationship is excellent. I have recommended Leumi ABL to other businesses looking for a supportive funding partner.

Eric continues: "When the deal was completed, Philidas had 49 employees and in the last month we've recruited nine more people on the strength of our business growth. This is a particularly difficult area for employment and we could not have achieved this without the new funding and support from Leumi ABL."

Chris Divers, Leumi ABL Regional Sales Director – North, adds: "Philidas has a great reputation in its market and the new facility has helped fuel strong growth since joining Leumi ABL. We look forward to supporting their ambitious growth plans as they take shape over the coming months."

The new £2.7m asset based lending facility comprises a £1.5m invoice discounting line provided by Leumi ABL, supported by a further £1.2m from Bank Leumi (UK). The new working capital facility will allow the business to take advantage of its strong position in the market, grow its market share further and develop new product opportunities.

Ian Brazier, Finance Director at Primeur, comments: "Leumi ABL really stood out as they were prepared to genuinely understand our business requirements. They focused very much on what we needed and worked very closely with us to explore how everything could work. It was clear that they wanted to ensure that their proposal was exactly right for our business."

John Walsh adds: "We're very proud to be supporting local businesses and will continue to work closely with the Yorkshire dealmaking community to assist the working capital requirements of businesses that are looking to move forward in such uncertain times."

Steve Longbottom, Managing Director at KTS Wire, comments: "We reviewed several ABL providers and banks in our search for a long term funding partner who would support our ambitious growth plans. Quite simply, Leumi ABL ticked all the boxes. They took the time to understand our business strategy and responded with a flexible approach, particularly on the export market which is a significant part of our business."

John Walsh adds: "We're very proud to be supporting local businesses and will continue to work closely with the Yorkshire dealmaking community to assist the working capital requirements of businesses that are looking to move forward in such uncertain times."

Asset based lending specialists, Leumi ABL, approached the company and within only three weeks from making the decision to switch to the new funding provider, a £3.5m invoice discounting facility was in place.

Their Finance Director was initially unaware of Leumi ABL but was quickly persuaded by their approach to building strong relationships with their clients: "Leumi ABL promised they could act as quickly as we needed and came up with an appealing offer that gave us the flexibility that we were missing from our more restrictive high street bank funder. The business has had a difficult period and it was important for us to know that we have a reliable and responsive funder who will support our business both now and in the future."

Jason Holland, Leumi ABL Midlands Regional Sales Director, believes there are strong signs that the business has turned a corner: "This has been a badly hit sector of late and the business had implemented a number of corrective actions. A strong family heritage underpins an excellent reputation among their customers and our client is now well positioned to flourish."

With the new financing package in place from Leumi ABL, prospects look good for this well respected West Midlands business.

Established over 100 years ago, Covrad has developed a worldwide reputation as an innovative supplier of a wide range of heat transfer solutions. The business specialises in the design, manufacture and sales of cooling systems, with the primary application being diesel engines. The origins of the business go back to the dawn of the UK motor industry and their location in Coventry is at the heart of where many of the British manufacturers had their factories. As the UK car industry declined Covrad sought to add more value to their proposition, and their technical and design expertise is now highly valued by their customers, such as Perkins and Caterpillar.

Transferring from one of the major high street clearers, Covrad’s new financing facility from Leumi ABL has a high advance percentage based on the additional security offered by the company’s stock. Leumi ABL was able to offer a high degree of flexibility, having taken the time to build a thorough understanding of the business, both in terms of the nature of Covrad’s product range, their debt structure and debtors.

Managing Director of Covrad, Kayvan Namazi, commented: “We welcomed Leumi ABL’s commonsense approach in providing financing facilities. Of course, both parties have had to compromise to arrive at an agreement, and during the course of our discussions we experienced honesty, ease of communications, and a will to help. In today’s environment when high street banks are busy dealing with the new banking levy, bonuses and their control, separation of retail and investment banking..., Leumi’s approach has indeed been a refreshing change. Thank you Chris and your team.”

Chris Divers, Leumi ABL Sales Director - North, added: “Covrad has a management team that is both long established and hugely experienced, and the business is going from strength to strength despite the recession.”

The working capital facility from Leumi ABL has supported Phoenix Vehicle Hire in their acquisition of some of the trade and assets of the original PFB Self Drive business. The original company had grown rapidly to become a well known provider of vehicle hire in the West Midlands region with a fleet of over 1000 vehicles.

With a strong track record in the industry, Patrick Tierney, Managing Director of Phoenix, has experience in the sector from his many years at Go-Plant, where he was backed by Graphite Capital and exited in 2007. Phoenix has overseen a complete change of operational management. Customers include councils and large blue chips.

Commenting on the new financing arrangement with Leumi ABL, Patrick said: “Leumi ABL took the time to really understand our business needs and responded with a well structured facility offer. They have delivered what they promised and we look forward to a profitable relationship.”

Jason Holland, Midlands Regional Sales Director at Leumi ABL, added: “By retaining most of the municipal hire business, Phoenix has a solid debtor base with strong covenants and the business is well placed to build on an established reputation. Phoenix is one of many entrepreneurial businesses to have benefited from Leumi ABL’s expertise in asset based lending over the past few months as new opportunities emerge from the slow economic recovery.”

PCS Managing Director, Vince Caldicott, acknowledges the challenges presented by the deal and was impressed by Leumi ABL’s ability to negotiate effectively and speedily with the various parties involved: “The attraction of Leumi ABL is that they take a much more personal approach; they were very thorough and helped make sense of everything throughout the process.”

The new funding will be used to purchase stock and Vince is optimistic about their trading outlook: “This facility has enabled us to get the supply chain rolling again and sales are already up.”