1bn available for ABL in the UK

A group of 16 financial institutions operating in the UK have joined forces to highlight the value and strength of the UK’s asset based lending (ABL) community by publicising their joint funding capability of £1bn for UK and European deals. Chaired by Ted Ettershank and Paul Hancock of Lloyds TSB Commercial Finance and JP Morgan respectively, the group has joined together as a collaborative effort to promote the benefits of ABL. This initiative is partly in response to ABL’s growing usage by private equity groups and larger corporates working on more multi-currency, cross border transactions in the buyouts and acquisitions arena.