Burdale arranges £75m transatlantic funding package for Land Rover
Burdale Financial Limited, a member of Bank of Ireland Group, announces the completion of a financing facility of up to £75 million for Land Rover. The package consists of a three-year committed facility to finance Land Rover's Parts and Accessories' inventories and receivables in the United Kingdom and the United States.
Land Rover's award-winning vehicles have global recognition. Land Rover produces the world's most versatile all-terrain vehicles, combining refined luxury with a true breadth of capability. It is estimated that around two-thirds of the Land Rovers ever manufactured are still in service and a key factor is the timely availability of genuine Land Rover parts globally.
Steven Chait, Head of New Business at Burdale commented: "We are pleased to provide Land Rover with a financing solution that will enable the continued development of its Parts businesses. The flexibility of Asset-Based Lending suits this particular transaction and, like Land Rover, Burdale values its strong reputation in a niche sector."
Ken Gregor, CFO of Jaguar Land Rover, said: "Jaguar Land Rover is pleased to have concluded this facility which is an important element of our working capital financing arrangements."
BURDALE FINANCIAL LIMITED
Burdale Financial Limited, a wholly owned subsidiary of Bank of Ireland, is a leader in Comprehensive Asset-Based Lending ("CABL") operating in the UK, Europe and the US. CABL is one of the most advanced forms of asset-backed commercial finance and a powerful way of leveraging a company's underlying assets. Burdale has a strong track record of providing innovative and flexible tailored funding structures to businesses implementing turnaround and restructuring plans. Burdale also provides transactional funding to support MBO/MBIs, corporate acquisitions, full or partial VC exits and cash-outs. These businesses may be capital-intensive, asset-backed, rapidly expanding, highly leveraged or underperforming.
47 professionals are employed at offices located in London, Manchester and Birmingham in the UK and Stamford, Connecticut and Manhattan in the US.
BANK OF IRELAND
Bank of Ireland Group is the leading provider of financial services products in the Republic of Ireland and has a significant and growing presence in the UK market. It employs c. 15,500 staff, has assets of £171 billion and generated underlying pre-tax profits of £277 million in the year ended 31st March 2009.
JAGUAR LAND ROVER
Jaguar Land Rover is a business built around two great British car brands that design, engineer and manufacture in the UK. Jaguar Cars Limited, founded in 1922, is one of the world's premier manufacturers of luxury saloons and sports cars. Since 1948 Land Rover has been manufacturing authentic 4x4s that define 'breadth of capability' in their segments. The Jaguar XF, XJ and XK models are manufactured at the company's Castle Bromwich plant in Birmingham, while the Jaguar X-TYPE is produced alongside the Land Rover Freelander 2 at the Halewood plant in Liverpool. Land Rover's Defender, Discovery 3, Range Rover Sport and Range Rover models are all built at the Solihull plant. The Jaguar Land Rover business employs some 15,000 people, predominately in the UK, including some 3,500 engineers at two product development centres in Whitley, Coventry and Gaydon, Warwickshire. The business is a major wealth generator for the UK with 78 percent of Land Rovers exported to over 160 countries and 70 percent of Jaguars exported to 63 countries, with sales to customers conducted principally through franchised dealers and importers.