Page 3 - LeumiABL-Viability-Newsletter-Winter-2020

CLIENT CASE STUDY:
F. BENDER

Leumi ABL has completed a refinancing deal with F.Bender
Limited (“Benders”). Based in North Wales, Benders are
part of the €200 plus million Italian owned Flo Group.
CLIENT CASE STUDY:
Benders focuses on supplying paper cups and napkins
to the on-the-go and workplace food service markets TUFFNELLS PARCELS EXPRESS
across Europe. The Group has invested heavily to support
the production of paper and pulp-based products across
Europe as legislation has encouraged the move away from
plastic products.

Leumi ABL provided a flexible ABL facility comprising
invoice finance and a plant and machinery loan to support
the client’s strategic growth plan.
Commenting on the deal, Andy Cunliffe, Managing
Director at Benders, said: “From the earliest stage in the
process, we could see that Leumi ABL wanted to really
understand our business and take a longer term view of the
opportunity. Leumi ABL reacted swiftly, providing indicative
terms and approvals, enabling us to complete the process
quickly. Refinancing an Italian owned business in August Leumi ABL has provided a £17m ABL facility to support
is never easy but the Leumi team managed to guide the the acquisition of the UK’s industry leading irregular sized
Benders Directors through the process. Thank you Leumi parcels delivery business Tuffnells Parcels Express Ltd
ABL for your understanding and support.” (“Tuffnells”). The transaction was arranged by Broad Oak

Austin Thorp, Leumi ABL Regional Sales Director, added: Support Services LLP, following the acquisition of Tuffnells
“We look forward to supporting Benders as they continue from Connect Group Plc by a team led by Chairman
their strategic growth plan, seizing opportunities in both and Chief Executive, Michael Holt.
their domestic and international markets.” Headquartered in Sheffield, Tuffnells is trusted by over
4,000 businesses to deliver large, heavy and bulky items.
With 34 depots nationwide Tuffnells offers a range of
delivery services for items of irregular size and weight,
whilst also offering logistics solutions to over 167 countries.

Leumi’s £17m ABL finance facility will provide ongoing
working capital, together with funds for expansion of the
company’s network capacity.
Commenting on the deal, Michael Holt said: “Leumi ABL
took the time to listen to our requirements, adopted
a truly commercial stance to structuring the appropriate
ABL facility to support the acquisition and meet our
working capital requirements. We were kept well informed
at all stages of the deal process, and this gave us
reassurance.”
Leumi ABL Regional Sales Director – John Walsh, adds:
“With the help of Michael Holt and his highly professional
team we were able to structure the facility and demonstrate
Leumi ABL’s refreshing approach, flexibility and timely
response, enabling Leumi ABL to be the preferred
funding partner.”

CORONAVIRUS BUSINESS INTERRUPTION LOAN SCHEME

We are pleased to have been able to further assist our Clients during the pandemic following our
accreditation in the Government’s Coronavirus Business Interruption Loan Scheme. In conjunction with our
flexible ABL funding solutions we have been able to provide our clients with much needed support at this
difficult time. The Scheme deadline has now been extended by the Government until the 31 January 2021 –
so there is still time for existing or new clients to benefit from this Government-backed scheme, further details
can be found here: www.leumiabl.co.uk/coronavirus-business-interruption-loan-scheme-cbils