Wragge & Co LLP Asset Based Lending team has advised Lloyds TSB Commercial Finance Limited on a £20 million asset based lending deal.

Lloyds TSB has funded the Nasmyth Group to acquire the assets of JS Chinn Holdings Limited and its subsidiaries from its administrator. It has also refinanced existing debt.

Asset based lending partner Paula Laird led the team, assisted by director Edward Sunderland and associate Angela Boughton. Property advice was provided by partner Colin Hurt and associate Elaine Yau. The team worked closely with Steve Buckmaster, director business development and Lawrence Bowles, regional client director, at Lloyds TSB Commercial Finance.

Paula Laird said: "Our asset based lending practice continues to build its reputation for providing excellent advice and dedicated client service. On this deal, our strong track record in asset based lending and knowledge of our client's business enabled us to find the right solution for Lloyds TSB Commercial Finance."

Steve Buckmaster said: "Wragge & Co has continually proved itself a source for excellent legal advice in the asset based lending arena. Understanding of both the legal and commercial needs of the client has greatly assisted in achieving a swift and successful completion."

Lloyds TSB Commercial Finance Limited is part of the Lloyds TSB Group. It specialises in offering asset based lending solutions and funds over 14,000 UK businesses of all sizes. The Wragge & Co team previously advised Lloyds TSB Commercial Finance and Lloyds TSB Bank plc on the £27 million public-to-private transaction of Lorien plc.

Nasmyth Group is an international supplier of design and manufacturing services to the aerospace, electrical, automotive and medical sectors. It has acquired the business of the four main subsidiaries of JS Chinn Holdings Limited, including Chinn Engineering Ltd, Henton Engineering Ltd and Colledge and Morley Ltd. The new company, Chinn Ltd, will be based in Coventry. Andrew Madden at HBJ Gateley Wareing provided legal advice.

The 10-strong specialist asset based lending team, led by partner Paula Laird, is a core element of the work undertaken by Wragge & Co's Banking & Finance practice. In May, Wragge & Co appointed Mark McKee as a director in the Banking & Finance team to strengthen the team's asset based lending capability. Recent highlights include advising Lloyds TSB Commercial Finance on its £54 million asset based lending facility to the Elliot Group and its £36.5 million asset based lending facility to fund the management buy-out of Stonegate Farmers Limited. Additional clients in the sector include KBC Business Capital, HSBC and GE Commercial Finance.

---

For further information about this press release, contact Kathryn Hobbs on +44 (0)121 213 2397, Alexa Highfield on +44 (0)121 213 2396 or Michelle Dolphin on +44 (0)121 213 2369

This press release may contain information of general interest about current legal issues, but does not give legal advice.