Wragge & Co LLP's asset based lending experts are advising Lloyds TSB Bank plc and Lloyds TSB Commercial Finance on funding Contracting Solutions Group (Holdings) Plc's recommended cash offer for Lorien Plc. Under the offer, Lorien shareholders will receive 100 pence for each Lorien share, valuing the existing share capital at about £18.62 million.

Lloyds TSB has provided a £27 million bridging facility to finance the acquisition. Following completion of the acquisition, this loan will be refinanced by Lloyds TSB Commercial Finance. The second facility will comprise a £29 million receivables finance loan and a £2 million mezzanine loan. It is the team's first public-to-private deal for Lloyds TSB Commercial Finance.

Asset based lending partner Paula Laird led the Wragge & Co team, which included finance specialists Edward Sunderland, Angela Boughton and Debra Mitchell. Julian Henwood and Andrew Glaze provided corporate advice. The team worked alongside Steve Buckmaster and Katharine Scarfe of Lloyds TSB Commercial Finance and John Haycox and Rob Gawne from Lloyds TSB.

Paula Laird said: "Public-to-private transactions are always complex but, with two different entities providing the bridging loan and refinancing, we had the added challenge of tying the two together contractually. We have a strong track record across a diverse mix of finance work so we can draw on various experts to provide the right answer to any question."

Steve Buckmaster, Director Business Development, said: "Lloyds TSB Commercial Finance chose to work with Wragge & Co on this deal because of their proven expertise in handling public-to-private transactions. Their assistance and guidance was invaluable on what proved to be a very complex transaction."

John Haycox, Relationship Director, said: "The deal required great teamwork between the advisers and we were very impressed with Wragge & Co's advice and guidance during the transaction."

Contracting Solutions is a privately-owned company providing recruitment solutions in niche IT market sectors. Jones Day advised Contracting Solutions.

Lorien provides a range of IT resourcing services including recruitment, research and training. Currently listed on AIM, Lorien will de-list and re-register as a private limited company.

Asset based lending is a core element of the work undertaken by Wragge & Co's Asset Finance Team, a 10-strong specialist team within the firm's wider finance practice. It is building a reputation for providing excellent advice and dedicated client service to institutional and corporate clients. Highlights include advising GE Commercial Finance on its involvement with the £25.7 million public-to-private acquisition of Whitehead Mann PLC.

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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.