Shoosmiths advises commercial vehicle specialists on £6m expansion funding

Shoosmiths advises commercial vehicle specialists on £6m expansion funding

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Author: Kara Shadbolt

National law firm Shoosmiths has advised the management team of Livingston-based commercial vehicle specialists, MV Commercial Limited, on a £6m funding package from HSBC bank, which will enable the company to expand in to the Midlands.

Alison Gilson

The firm, which operates a contract hire fleet of over 850 vehicles and sells around 40 vehicles per month, has locations in Livingston, Manchester and London and employs more than 100 staff. The firm is one of the main UK providers in the specialist commercial vehicle rental market, and is currently expanding its lorry-mounted crane and tipper-grab fleets to meet increasing customer demand.

Shoosmiths partners Stuart Murray and Alison Gilson and real estate finance specialist Sheelagh Cooley advised on the deal.

Steven Cairns, director of MV Commercial, said: 'This finance package with HSBC opens the door for further growth in a number of ways as we look to expand on the strong demand for our products and services throughout the UK.

He added: 'Shoosmiths gave us exceptional advice throughout this funding process and we had full confidence in them providing us with the best possible advice.'

Shoosmiths' Alison Gilson, said: 'We were very pleased to guide MV Commercial through this transaction. The funding that HSBC has provided will enable the company to grow in the direction that MV Commercial needs and we wish them every success for the future.'

MV Commercial expects to generate revenues of £30m in the current financial year, a 28% increase on the previous year.

Shoosmiths' corporate team has advised public and private companies, management teams, investors and debt providers through the business life cycle. The firm's banking and finance expertise extends over a wide variety of transactions, acting for borrowers, lenders and investor on corporate lending, acquisition finance, asset finance, real estate finance, marine and shipping finance, invoice discounting and refinancings.