Shoosmiths recently advised Toyota Financial Services (UK) PLC in a term loan and staged payment lend to a flagship Toyota/Lexus dealer for it to purchase land and then construct a new, state of the art dealer complex worth in excess of £2,000,000.
"Shoosmiths did an exemplary job. I'm sure there was other work going on but my impression was that they were just working for me on this - that's the beauty of Shoosmiths."
Wholesale Credit Manager
Led by Stephen Dawson, Shoosmiths regularly advises Toyota Financial Services (UK) PLC on transactions of this nature. This transaction saw the commercial, real estate, construction, planning, environmental and banking teams work together in a true demonstration of Shoosmiths' values - pulling together, talking business sense and taking initiative to demonstrate the 'shoosmiths difference'.
The transaction was split into two elements:
- Long lease completion for a site, to be funded by Toyota and secured by a charge over the site itself.
- The completion of a staged payment facility to fund construction on the site.
Stage one and the 'foundations' of stage two needed to be completed or in place within five days of our instruction meaning a quick result was essential for Toyota.
This transaction was not without its challenges, not only was there the tight time scales to adhere to but a number of potential hurdles, relating to environmental issues, arose on the day of completion which could have jeopardised the transaction.
The Shoosmiths team approached the challenges in a pragmatic way and managed the competing aims of buyer and seller leading the transaction to a successful completion. Many hours of complex negotiation was required involving multiple parties - some working outside of the United Kingdom - with the Shoosmiths team over seeing the transaction throughout.
Shoosmiths continue to act for Toyota Financial Services (UK) PLC and the cross discipline relationships developed on this transaction continue to benefit Toyota and Shoosmiths. As Paul noted "Shoosmiths kept me fully informed the whole way. There was never a 'we can't do this'. That's what I like about Shoosmiths there is always a willingness to get it over the line" and this is something we want to continue to build on as part of our commitment to building long term, sustainable partnerships with our valued clients.