ABL backs IT Fleet Automotive with £6.5m funding deal

Financial Services | Funding | South East | Transport & Distribution

Arbuthnot Commercial Asset Based Lending (ABL) has structured a £6.5m facility for IT Fleet Automotive (ITFA), comprising a £4.5m receivables finance line, together with an additional £2m CBILS term loan.

The combined refinance package provides further liquidity for the business to manage the impact of COVID-19 and an increase in working capital to fund future growth.

The new facilities replace the previous invoice discounting line from a high street finance provider, as the business seeks to move to a lender that will offer a more personal and relationship-driven service.

Colchester-based IT Fleet Automotive has extensive experience of managing the used car programmes of several major manufacturers and is a first-tier supplier to the car rental and leasing market in the UK.

Andrew Timmis, Managing Director, IT Fleet Automotive Limited said: “From the minute we met the team at Arbuthnot Commercial ABL, we felt they would be a good fit for us. They were on our wavelength straight away and spent time in getting to understand our growth plans for the logistics part of our business. They completed the transaction in just six weeks from start to finish. We are proud of the high levels of customer service we provide for our clients and I’m delighted to say that Arbuthnot provides a similar personal touch. They are a joy to work with and we look forward to building on our relationship as we take the business forward.”

Andrew Rutherford, Commercial Director at Arbuthnot Commercial ABL, said: “This was a great opportunity to support an established family-owned business, operating in a sector well-suited to this style of funding, with a receivables finance and CBILS structure. We pride ourselves in getting close to clients, understanding the nuances involved in a deal and structuring solutions quickly that meet their needs. The outlook for IT Fleet Automotive is exciting with growth-driven market demand coming from business customers and the development of electric vehicles.”

Jon Bew and Alistair Hayes of Shoosmiths LLP acted for Arbuthnot Commercial ABL.

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