Articles
Commercial Finance nets deal in Spanish waters
31st January 2008
Lloyds TSB Commercial Finance's new Spanish operation has completed its first domestic deal - a multi million Euro ABL package for seafood distributor East Coast Europa.
East Coast Europa specialises in the importation, commercialisation and distribution of live lobsters and other seafood produce. The new ABL facilities will allow the business to continue expanding and developing its operations across Europe.
It is the first deal led by Commercial Finance's new Madrid operation, which opened in November 2007. Spain is a key territory in Commercial Finance's international expansion strategy which has seen the organisation expand into Ireland, France, Germany, Holland, Belgium and the USA over the past 12 months, complementing its already established presence in the UK, USA, and Germany.
The funder is expanding its operations to meet increasing demand from European firms for sophisticated and tailored funding packages which unlock the full potential of their entire asset base.
Martin Ward, European Market Development Director at Lloyds TSB Commercial Finance, said: "Funding against all the assets in a client's business is a new approach in Spain, and we are delighted to have secured this arrangement with such a prestigious company as East Coast Europa.
"This is our first major domestic deal in the Spanish market using our innovative, tailored funding solutions and we look forward to expanding our client base over the coming months."
Established in 1994, East Coast Europa is a subsidiary of the American Holdco Group and is the world's leading company in the live lobster distribution market.
It has an estimated turnover of €80 million, production facilities in Canada and the United States and sales offices in Madrid, Paris, London, Brussels, Milan, and Frankfurt.
Baldomero Baeza, CEO of East Coast Europa, said: "Lloyds TSB Commercial Finance's full financial support brings confidence to our customers and partners, giving us the strength and flexibility required to fulfil current major supermarkets and fresh fish consumers' requirements across Europe.
"Our new financial partner understands that as our competitive landscape becomes more aggressive, with consumer behaviour in constant evolution, keeping the lead on state-of-the-art technologies such as our unique Modified Atmosphere initiative is key."
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