Tuffnells Parcels Express Ltd
Posted: 7th October 2020 | Share
Leumi ABL has provided a £17m ABL Facility to support the acquisition of the UK’s industry leading irregular sized parcels delivery business Tuffnells Parcels Express Ltd (“Tuffnells”). The transaction was arranged by Broad Oak Support Services LLP (‘BOSS’), following the acquisition of Tuffnells from Connect Group Plc in May by a team led by Chairman and Chief Executive, Michael Holt.
Headquartered in Sheffield, South Yorkshire, Tuffnells is trusted by over 4,000 businesses and is the UK’s leading expert in delivering 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 globally.
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, by the Leumi ABL Team and this gave us reassurance. We look forward to ongoing support from Leumi ABL as we continue our growth plans while retaining the same focus on delivering high quality service to our customers.”
Leumi ABL Regional Sales Director – John Walsh, comments: “We had a clear mandate on what was required. 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. We look forward to supporting Tuffnells growth plans.”
Leumi were advised by Crowell and Moring (legal) and Sanderson Weatherall (collateral due diligence) with KPMG providing transactional and corporate support to all parties.