Wragge & Co LLP Banking and Finance Team has advised HSBC Bank plc on its involvement in the formation of the UK's largest independent privately-owned vehicle management company, Leasedrive Velo.

HSBC provided debt finance for the merger between Lyceum Capital-backed Velo and Leasedrive Group. The new company has a combined fleet of about 17,500 cars and a vehicle rental network comprising 850 locations with access to 155,000 vehicles.

Partner and head of the Banking and Finance Team, Chris Brierley, led the Wragge & Co team assisted by Lydia Campbell and Samantha Geddes. They worked alongside HSBC leveraged finance director Stuart Mills. DLA advised Lyceum and Osborne Clarke acted for management.

Stuart Mills said: "Once again I was impressed with the high quality of advice provided by the Wragge & Co team. Their commercial and proactive approach to problem solving and resolving issues is second to none."

Chris Brierley said: "This is our latest deal for HSBC and another chance to work with HSBC London's Structured Finance Team. We have a strong team dedicated to delivering top quality legal advice and excellent client service, which is why clients looking for a specialist banking law service tailored to their needs choose Wragge & Co."

Wragge & Co is a member of HSBC's panel of preferred law firms in the UK. It has an ongoing full service relationship with the bank, advising on deals including the £23.5 million MBO of Data Locator Group. Other banking clients include Lloyds TSB, Barclays and Bank of Scotland. 

Wragge & Co's Banking and Finance Team is a national team operating from London and Birmingham. Focusing on high value, high profile finance instructions, its specialists provide practical, commercial advice to institutional and major corporate clients. In 2006, the team grew with the appointment of new partner Kirsty Jefferies from CMS Cameron McKenna. Other highlights include the £93 million Rosemount pharmaceuticals MBO.

---

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.