How we have helped our clients: Leumi ABL

Leumi ABL Limited is the specialist asset-based lending subsidiary of Bank Leumi (UK) Plc, which has been operating in the UK since 1902. Working closely with the private equity sector, they offer tailored leveraged ABL funding packages to their clients.

Specialising in structured ABL facilities up to £37.5m, their ABL capability includes invoice finance, stock finance, plant and machinery finance, trade finance, term loans and property finance. We have acted for long-standing client Leumi ABL on numerous transactions over the years, including several in FY2020/21.

Leumi’s refinancing for Lincolnshire Field Products

In June 2020 arable farmers Lincolnshire Field Products (LFP) refinanced from a traditional clearing bank to Leumi ABL. This multi-million-pound facility comprised invoice discounting, plant and machinery, and property finance. The funding enabled LFP to invest for future growth and provide seasonal working capital.

Spalding-based LFP supplies produce all year-round including broccoli, cauliflowers, sprouts, cabbage and kale to many of the UK supermarkets that are currently enjoying buoyant growth as the population stay at home due to the effects of the COVID-19 pandemic and the related restrictions. 

How did we help Leumi ABL?

Our banking & finance team acted for Leumi in relation to the refinance of LFP from its existing lender. They agreed the priority arrangements with the outgoing bank, which continued to provide clearing facilities and agreed the maintenance of support to LFP from the wider group. Our real estate team provided a report on title to Leumi and oversaw an intergroup sale and leaseback which closed prior to the refinance. As a full service firm Gateley were also able to advise on the rights of the defined benefit pension scheme.

Banking & finance partner, Carol Betts, said: “We are delighted to have advised Leumi ABL on numerous transactions over the years. We look forward to working in partnership with Leumi, as they offer tailored leveraged ABL funding packages to their clients.” 

Jason Holland, Regional Sales Director (Midlands) for Leumi ABL Limited commented: “We have used the Gateley team for several years now and always receive thoughtful and commercial advice on the range of issues that an ABL transaction presents. The completion mechanics, even in lockdown, have worked well – the systems are robust and we would not hesitate to recommend Gateley for good, concise advice and a smooth process.”