News & insight

£17m ABL funding facility secured for Tuffnells

Lee Joyce / 8 Dec, 20

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.

“We were delighted to work alongside Sanderson Weatherall in support of Tuffnells Parcels Express. All parties worked together collaboratively, ensuring that the appropriate funding structure was put in place in accordance with the client's target timescale, enabling them to move forwards with confidence.”

John Walsh - Leumi ABL Regional Director

Lee Joyce, Partner in our asset based valuation and advisory team commented, “We were engaged to support the innovative funding structure put in place by Leumi ABL, in providing asset valuation advice on extensive property and vehicle assets in the midst of the pandemic.

“Both Leumi and Tuffnells benefited from our complete approach as we were able to quickly mobilise our property valuation team to inspect the properties across the country whilst our asset valuation specialists conducted extensive out of hours inspections to ensure the Company’s busy vehicle fleet could continue to run without interruption to business.

“We are delighted to have worked again with the experienced Leumi ABL management team in the completion of this transaction in support of Tuffnells and feel the assignment highlighted the collaborative all asset expertise and national coverage of the SW team.”

Topics: News

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