We are delighted to have advised Coface Receivables Finance Limited on their sale of their loan book to Leumi ABL.
Coface Receivables Finance is part of the Coface Group delivering it’s factoring products in the UK and Ireland, including invoice discounting, export funding and reverse factoring. The acquisition adds depth and breadth to Leumi’s current factoring offering.
Phil Woodward, Managing Director of Leumi ABL adds: “This deal continues our growth strategy and follows our purchase two years ago of the Charterhouse Commercial Finance client book. Since launching Leumi ABL ﬁve years ago, we’re proud to have built a strong reputation in the mid-tier deal making arena. We are very pleased to be able to extend our offering to assist the growth of these additional clients, whilst offering the ﬂexibility, speedy decision making and personal approach for which we are known. As with our existing clients, Leumi ABL’s full asset based lending capability will be available to support these new clients as their business needs evolve”.
Xavier Denecker, Managing Director of Coface in the UK and Ireland said “Coface is discontinuing its receivables ﬁnance activity in the UK to focus on its core business, trade credit insurance. We are conﬁdent that our receivables ﬁnance clients will ﬁnd at Leumi ABL the business understanding and quality of service they appreciated at Coface. We look forward to developing with Leumi ABL a strong partnership between receivables ﬁnance and insurance.”
The Grant Thornton team handled our disposal process with great skill and professionalism but most importantly to me never forgot that this transaction was about people and clients. The corporate objectives were all achieved and I was guided and supported at every step by people who understood what could be achieved, what was important and how things need to be done. My thanks to Rupert Rawcliffe and his team for all of the help they gave me.Mark Chamings Director, Coface Trade Receivables Limited