06.08.2010

Santander refinances AFI-Uplift

Santander’s corporate banking team in Leeds has agreed a multi-million pound refinancing deal with UK based aerial lift specialist AFI-Uplift . The funding consists of a bespoke package of invoice discounting, asset finance and treasury facilities.

The bank says that it pooled the expertise of its corporate banking, asset finance and invoice finance teams in order to develop a solution specifically designed to deliver maximum flexibility and allow the AFI management to strategically develop its business and meet its future growth plans.

AFI-Uplift’s finance director David McNicholas said: “AFI has achieved rapid growth since the MBO in 2006 and the deal we have been able to arrange with Santander puts us in an excellent position to take advantage of any strategic opportunities presented by the current market.”

“The team at Santander arranged this refinancing package in a way which is perfectly aligned to our ambitions for the company. They really got under the skin of AFI, and I look forward to working with them as our relationship develops over the coming months and years.”

Jonathan Thompson, relationship director at Santander’s Yorkshire Corporate Banking Centre, said: “Santander Corporate Banking is committed to supporting and building long term relationships with strong, viable businesses such as AFI. We have great confidence in the company’s management, business model and growth strategy, and we have developed a bespoke funding package of invoice discounting, asset finance and treasury facilities to support it through the next phase of its development.”

The Santander team in Leeds, managing the AFI relationship includes Nick MacHugh, Jonathan Thompson and Ian Waterman, with support from Paul Goodchild (Invoice Finance) and Rob Crawford (Asset Finance).

AFI-Uplift is the second largest powered access company in the UK and Ireland with a fleet of over 4,000 aerial lifts operating from 18 depots.