Legal Team Supports Banking Giant in Major Deal
28th January 2013
A team from Irwin Mitchell's Sheffield office has advised banking giant HSBC on its multi-million pound refinancing of Naylor Industries.
In a deal which sees South Yorkshire Investment Fund manager YFM Equity Partners exit the organisation five years after its original investment, HSBC's regional Commercial team has provided a comprehensive £14 million finance package to support its growth. Based across Yorkshire, Naylor Industries' manufacturing work is focused around clay sewer pipes, plastic ducting and surface water drainage. The firm also operates a concrete lintel firm and also a flowerpot business. Around a fifth of its current turnover comes from international markets including in Australasia, south-east Asia and the Middle East. Dean Gormley, a Partner and Northern Head of Banking and Finance at Irwin Mitchell led the team advising HSBC on all aspects of the major refinancing package, with specialist real estate advice provided by Martyn Holland and pensions support from Yorkshire pensions partner Nigel Bolton and assistance from trainee solicitor Natasha Guthrie. Commenting on the deal, he said: -Naylor's story is another example of how well-managed firms can thrive in the current economic climate, despite the continuing difficult conditions that many businesses in manufacturing continue to face. -This deal with HSBC will play a key part in driving the company further forward and helping it to achieve its growth potential and we are delighted to have been able to assist them. Lee Bloodworth, International Commercial Manager in HSBC's South Yorkshire Commercial team, led the work in relation to the deal. He said: -Naylor has recognised the potential of the export market to its business and as a leading international bank, HSBC is an ideal partner to help the business achieve its targets.