Our property, asset based lending and machinery & business assets teams have advised and supported Leumi ABL in completing a £17m asset based lending facility for Tuffnells Parcels Express (“TPE”). Sanderson Weatherall provided valuation and asset advice across property and vehicle fleet assets.
TPE, which operates from more than 30 depot locations, was sold in April by Connect Group plc to new owners, including Tuffnells management. Our work initially was completed on a desktop basis, before moving to full valuations across the commercial vehicle fleet and seven of the TPE depots across the UK.
The valuations included the vehicle fleet consisting of over 1,000 highly specialised trucks and trailers and properties with a combined floor space of over 134,000 sq ft.