Thames Valley: Leumi ABL supports management buyin of Cooper Callas

Cooper Callas, the Oxfordshire-based importer of bathrooms and bathroom furniture, has been supported by Leumi ABL with an £8.5m asset-based lending facility.

The deal was introduced to Leumi ABL by HMT Corporate Finance which was advising a management buyin team led by Philip Carr, now managing director at Cooper Callas.

The ABL facility includes confidential invoice discounting, stock finance, a term loan and trade finance. The funding replaces the client’s previous invoice discounting facility and will help improve working capital as well as support the acquisition. The size and structure of the Leumi ABL line will allow for ample growth.

Andrew Thomson, partner at HMT Corporate Finance, commented: “We ran a competitive tendering process for the funding and received a number of offers which we shortlisted to three. Leumi ABL stood out as the most flexible and competitive and, having worked with them a number of times before, we were confident in their ability to deliver on the terms offered.  Leumi invested a lot of time getting to understand the requirements of the business and provided both CID and a revolving stock finance so that amortisation could be minimised.”

Carr commented: “The Leumi team invested significant time at regional and board level to fully engage with our vision for Cooper Callas. Through continuous dialogue and a real commitment to getting the deal done, Jonathan Hughes and Phil Woodward were without doubt our preferred provider.”

Jonathan Hughes, regional sales director at Leumi ABL, is clear about why Leumi won the deal: “Competition was intense but we stood out by putting together the best overall package. The Leumi stock finance facility revolves which suits the clients’ specific requirements, whereas others wanted term debt that amortises too quickly and doesn’t offer the flexibility we could provide.

"We understand the importance of building strong relationships from the beginning and I met Philip Carr several times. Phil Woodward, managing director at Leumi ABL, also met him demonstrating director-level involvement at Leumi, and ensuring we fully understood the strategy post completion. The strength of our offer was supported by a swift credit process which helped to close the deal.”