Harrisons Finance and Marketing LLP advises Team Precision on £1,868,000 asset-based lending transaction

Team Precision Pipe Assemblies Ltd is a leading supplier of air conditioning tubes and hose assemblies for the automotive and refrigeration industry.

When the management team required additional funding for strategic planning, they met with their advisers, Harrisons Finance and Marketing LLP (HFM) to discuss the options available.

The primary objective was to finance a cash-out transaction through Precision's parent company BCL, to enable shareholders to take advantage of long-term strategic planning, in addition to on-going working capital support for the Team Precision business.

Recognising the asset-based lending would prove to be the most effective solution, HFM introduced Centric Commercial Finance, who provided a £1,868,000 funding line.

The facility combines a £1,500,000 Confidential Invoice Discounting line with a £368,000 Plant & Machinery Loan.

Steve Netherton at Harrisons Finance and Marketing LLP, comments: "This transaction highlights how adviser, lender and client can work together in close alignment in pursuit of a clear objective. Centric understood immediately what we were looking to achieve when structuring this transaction and delivered the quantum of finance and service required to make it happen."

Tim Hawkins, Commercial Director at Centric Commercial Finance adds: “Working with HFM, with a very clear deal structure in mind, we were able to support the board of Team Precision and their parent company with their funding requirements. We pride ourselves in getting close to clients, understanding the complexities involved in a deal and delivering solutions quickly that meet their needs head-on.”