The £65 million facility, which consists of two tranches with a three year and four and a half year maturity, has been split equally between HSBC and Lloyds Bank Commercial Banking. The transaction consolidates the company’s banking partners and marks the start of a new relationship with both HSBC and Lloyds Bank. Vp has also moved its clearing banking to HSBC.
The deal was led on behalf of HSBC by Senior Corporate Banking Manager Neil Abbott, whilst Relationship Director James Sparling led on behalf of Lloyds Bank, with the support of its Complex Deal Team.
Vp is a specialist rental business providing products and services to a diverse range of markets including civil engineering, rail, water, oil and gas, construction, outdoor events and house building, primarily within the UK, but also overseas. The company was founded in 1954 and currently employs approximately 1,600 people across its business.
Martin Lunt, HSBC’s Regional Head of Corporate Banking in Yorkshire and the North East, said:
We are pleased to welcome Vp plc to HSBC and to have supported this important deal. This transaction is a great example of several HSBC departments, including Corporate Capital Origination and Payments and Cash Management, collaborating to deliver an attractive facility for the company and we look forward to working with Vp over the coming years.
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Jim Sparling, Relationship Director for Lloyds Bank Commercial Banking in West and North Yorkshire, commented:
Vp plc is a major employer and major contributor to the Yorkshire and wider economy, and our support gives it the backing it needs to pursue its long-term growth strategy. The team at Lloyds Bank are both delighted and proud to be associated with this jewel in the Yorkshire crown.