Lifting company secures £46m facility
Staffordshire-based transportation and lifting company, Abnormal Load Engineering, has secured funding from four Midlands banks to complete its international expansion plans over the next three years. The funding was granted following a complete refinancing deal worth €55m (about £46m).
The Hixon-based company was advised by a team of corporate finance, debt advisory and transaction specialists at PricewaterhouseCoopers in the Midlands.
The four-bank ‘club’ which arranged to provide the debt facility comprises Barclays Corporate, HSBC, Royal Bank of Scotland and Santander.
Abnormal Load Engineering said it will use the additional funding to design and build bespoke specialist equipment, including the world’s largest land-based crane, to assist in the transportation of heavy-weight infrastructure and machinery, across land and sea.
Mark Harries, executive director at Abnormal Load Engineering, said: “This finance is good news for our business and will allow us to continue to strengthen our offering across a diverse range of markets.
"With a global network of operating centres we already own a large fleet of heavy cranes, specialist transport and installation equipment. By adding to this, we aim to continue to push the boundaries of what is possible and use our technical expertise to support some of the world’s most prestigious engineering projects.”
The Midlands club of banks was led by Andrew McDonald at Barclays Corporate, Steve Kemp at HSBC, Ashton Goymer-Brown at Royal Bank of Scotland and Nick Ashman at Santander.
Acting as legal advisers to the club of banks were Stephen Bottley and Sarah Day at DLA Piper and Matthew Heaton at Pinsent Masons advised the company.
