Arbuthnot provides £6.5m funding line for ITFA
Arbuthnot Commercial Asset Based Lending has structured a £6.5m facility for IT Fleet Automotive (ITFA).
The funding comprises of a £4.5m receivables finance line and a £2m Coronavirus Business Interruption Loans Scheme (CBILS) term loan.
The new facilities replace the previous invoice discounting line from a high street finance provider.
According to Arbuthnot, ITFA replaced the previous lender, as it wanted a more personal and relationship-driven service.
ITFA manages used car programmes of several major manufacturers and is a supplier to the car rental and leasing market in the UK.
Jon Bew and Alistair Hayes of Shoosmiths LLP acted for Arbuthnot Commercial ABL.
Andrew Rutherford, commercial director at Arbuthnot Commercial ABL, said: “This was a great opportunity to support an established family-owned business, operating in a sector well-suited to this style of funding, with a receivables finance and CBILS structure.
“We pride ourselves in getting close to clients, understanding the nuances involved in a deal and structuring solutions quickly that meet their needs.
“The outlook for IT Fleet Automotive is exciting with growth-driven market demand coming from business customers and the development of electric vehicles.”
Andrew Timmis, managing director at IT Fleet Automotive Limited, added: “From the minute we met the team at Arbuthnot Commercial ABL, we felt they would be a good fit for us.
“They were on our wavelength straight away and spent time in getting to understand our growth plans for the logistics part of our business.
“They completed the transaction in just six weeks from start to finish. We are proud of the high levels of customer service we provide for our clients and I’m delighted to say that Arbuthnot provides a similar personal touch.
“They are a joy to work with and we look forward to building on our relationship as we take the business forward.”