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MG and Rover parts distributor secures £1.6m Asset Based Lending deal for acquisition PDF Print E-mail
Monday, 15 January 2018
Bibby Financial Services (BFS) has provided a £1.6 million Asset Based Lending (ABL) deal to the Leacy Group, to part facilitate the acquisition of XPart Limited, a Leicestershire-based distributor providing parts for classic Rover and MG cars. 

XPart works with a large number of distributors and garages right across the UK and Europe which sell directly to the general public. XPart is the original provider of parts for MG and Rover cars, and is key to ensuring modern classic models remain on the road.

The finance package structured by BFS’s Corporate team combines Confidential Invoice Discounting, Stock Finance and Foreign Exchange services, and will enable West Midlands-based Leacy Group to acquire XPart in full.

Ian Grubb, Financial Director at Leacy Group Ltd, said: “XPart is the original provider of MG and Rover car parts and the finance package we have agreed with BFS has enabled us to access working capital in order to acquire the business.

“Furthermore, the Foreign Exchange services available are an added benefit, enabling the business to effectively manage currency risk.

“The Corporate team at BFS got to know our business, what we were looking to achieve, and this enabled them to structure an ABL package that leveraged the businesses assets effectively, while protecting against currency risk.

“Ultimately, it was BFS’s desire to understand our business, coupled with the speed of service, which led to the winning formula we now have in place.

“XPart is a great addition to our portfolio and we are looking forward to developing the business as part of the Leacy Group.”

The deal was structured by Chris Farnworth, Corporate Manager at BFS.

Chris commented: “The Leacy Group is a specialist and well respected manufacturer and distributor, with a bright future. To help fund the acquisition of XPart, Leacy needed to work with a funding partner that was both experienced and responsive. We worked hard to get to know the business, understand the ledger and were able to structure an ABL deal that leveraged all of the business’s assets.”

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