Lloyds TSB Commercial Finance in the UK is launching a transaction team that will report into the group’s commercial director Ian Lomas. Lomas notes that the group has been providing debt finance (primarily invoice discounting and asset-based finance) to private equity transactions for between eight and ten years although the emphasis has been laid on this area in the last five years. Lomas notes that until now the approach to deal sourcing private equity related transactions has been a little uncoordinated. However, with a 45 per cent increase in this type of work in 2000 on the previous year’s figures Lomas decided that a structure needed to be formalised.
In essence this means that contacts established by transaction team members with offices of third parties will now be developed across the regional offices of the third parties. It also means that the team will be moving towards creating a best practice model within the group.
Lomas said: The team we have assembled allows us to provide a more responsive and enhanced service to both clients and advisors. The individuals within the team have excellent track records in the transaction market and experience in structuring complex deals.”
Reporting into Lomas are Mike Scowen (North West), Peter Scaise and Nick Robson (North East), Simon Woodcock (West Midlands), Jon Adams (Eastern England), David Brunton (East Midlands), Peter Anderson (West and South), James Cullen and Peter Anderson (Thames Valley), Roger Brown or James Cullen (London.) These in turn report into four regional directors who report to Lomas. None of these individuals is new to Lloyds TSB Commercial Finance and many have a number of year’s experience with the group.
Around 70 per cent of Lloyds TSB Commercial Finance’s private equity related work is for management buyouts, and the remainder is buy-ins and acquisitions.