DLA PIPER ADVISES ON £50M REFINANCE PACKAGE FOR THE MALCOLM GROUP
09 Nov, 2012
Global legal firm DLA Piper has acted for The Malcolm Group, the UK Logistics, Construction Services & Waste Management business, in a £50 million refinancing of its funding requirements involving a club of three banks.
The refinancing involves Barclays, HSBC and Santander providing a flexible five year funding package to support the group’s growth objectives across the medium term.
The DLA Piper team was led by David Morton, assisted by Dianne McFall and colleagues in its corporate and property departments.
Originating as a family business in the 1920s, The Malcolm Group has grown significantly to form a high quality Logistics group of UK scale together with a focussed Construction Services and Waste Management division, operating as a main sub-contractor in the Scottish construction sector. Group assets include over 2,000 employees, 450 vehicles, 1,000 trailers and 120 items of heavy plant. Over four million square feet of warehousing and depot infrastructure are managed throughout the UK.
David Morton, head of DLA Piper’s Finance & Projects team in Scotland, said: “This was a multi-faceted re-financing deal, involving complex discussions with three banks each with different stakes in the business. Completion of the deal underlines our expertise in this area.
“At a time when banks continue to come under fire for not lending to firms, this deal proves that companies with a strong and viable business can still secure significant funding”.
Andrew Malcolm (pictured), Group CEO of The Malcolm Group added: “This refinancing package will allow us to continue to grow the business in line with our strategic plan and capitalise on new opportunities as they arise.
“DLA Piper’s support and expertise in navigating through the legal documentation to complete the deal has been invaluable.”