Firms To Watch: Asset based lending

At Osborne Clarke LLP, team head James Tarleton  is able to 'navigate complex situations with a practical and commercial view', and has, since his arrival towards the end of 2019 from Addleshaw Goddard, continued to raise the firm's profile among borrowers and lenders by dint of his versatile working capital and receivables finance offering.
At Taylor Wessing LLP, 'extremely capable' UK banking head Martin Yells regularly advises on new money ABL-related transactions for borrowers and lenders, while Nick Moser is appreciated for his 'excellent work' on the restructuring and contentious insolvency front.

Asset based lending in London

Addleshaw Goddard

Led from London by the ‘commercial and knowledgeable’ Mike Davison and able to call upon significant resources in key regional locations, including Manchester, Leeds and Edinburgh, Addleshaw Goddard has ‘deep bench strength’ across the asset-based lending (ABL) product, from a new money, as well as restructuring/litigation perspective. This knowledge manifests itself not only in transactional work, but also helping to launch new products for established lenders, as well as working with start-ups bringing tech-led ABL products to market. As well as its core involvement in domestic transactions for lenders and borrowers, the team also continues to gain traction handling cross-border mandates, including Davison’s work for Indian-owned company Jubilant Pharma on their entry into $400m facilities with Standard Chartered Bank. Manchester-based Lauren Priest-Stephens was also involved in the aforementioned deal and is noted for her ‘superb market knowledge and practical approach’. Other recommended practitioners include Anna Hodgson, for ABL-related restructurings/insolvencies; Manchester-based Harold Brako , for ABL and receivables financing disputes; Euan Cluness, in Edinburgh, who has a specialism advising on ABL financings in the distillery sector; and Leeds-based Philippa McCarthy, whose arrival in September 2022 from Pinsent Masons LLP enhances the firm’s ABL transactional capability in the North East of the country. All named practitioners are based in London unless otherwise indicated.

Responsables de la pratique:

Mike Davison

Autres avocats clés:

Anna Hodgson; Harold Brako; Andrew Fordham; Euan Cluness; Lauren Priest-Stephens; Peter Smartt; Philippa McCarthy; Batsho Nthoi

Les références

Their bench strength (in particular the number of lawyers who understand our product) sets them apart from the other members of our panel.’

Mike Davison stands out from the crowd. He is commercial in approach, has great sector knowledge and adds real value.’

Lauren Priest-Stephens displays common sense, has superb market knowledge and has a practical approach.’

Principaux clients

PNC Bank and PNC Business Credit

BNP Paribas & BNP Paribas Commercial Finance Ltd

Secure Trust Bank Commercial Finance

HSBC Bank PLC & HSBC Invoice Finance Limited

FGI Worldwide LLC

Breal Zeta Commercial Finance

Bank Leumi & Leumi ABL Limited

ABN Amro Asset Based Finance

Close Brothers Group Plc & Close Brothers Invoice Finance Ltd

Omniveta DK Holdings ApS (and Group Companies)

Advance Global Capital

AIB Commercial Finance

Metro Bank

Blazehill Capital

Principaux dossiers

Mayer Brown International LLP

Appreciated for its 'willingness to innovate bespoke solutions for complex structuring problems', Mayer Brown International LLP remains best-suited to advising lenders on complex debt financing solutions where the ABL product is utilised, either on its own, or alongside other financing techniques to facilitate often highly sophisticated solutions. A good deal of this work has a cross-border complexion, either in the context of US-originated deals or European deals for US-owned lenders; in this regard the team remains at the vanguard of the migration of US techniques/terms to the European market. Simon Fisher  is key to many of these multi-jurisdictional transactions, and working alongside practitioners in the firm's Chicago headquarters has recently handled several large-scale cross-border receivable financings within the IT/tech sector. Ravi Amin, who was recently promoted to partner, also continues to impress as a result of his willingness to provide 'commercial and business-sensitive' advice, as opposed to purely what is "market", with one client commenting: 'he is so good that we consider him an extension of our team'. Alex Dell , who co-heads the team alongside the vastly experienced Dominic Griffiths , also remains vital to the firm's success both on behalf of traditional banking clients, as well as a growing number of alternative credit providers which are increasingly visible in the market. Victoria Thompson was a recent notable addition to the team, joining from Morgan, Lewis & Bockius UK LLP.

Responsables de la pratique:

Dominic Griffiths; Alex Dell

Autres avocats clés:

Simon Fisher; Ravi Amin; Charles Thain; Lynette Edwin; Daniela Dennahy; James England; Victoria Thompson

Les références

Strong and broad expertise and capability, always quick to respond when engaged on matters.’

The team shows a real willingness to think outside the box and innovate bespoke solutions for complex structuring problems.’

The lawyers have wide ABL knowledge, spanning from simple factoring to securitisations, covering a wide range of jurisdictions.’

Principaux clients

JPMorgan Chase Bank, N.A.

Barclays Bank Plc

Veld Capital




Pemberton Capital Advisors LLP

Principaux dossiers

  • Represented Barclays Bank as arranger, agent and financier, and a syndicate of banks including ABN AMRO Commercial Finance, BNP Paribas Commercial Finance, HSBC Invoice Finance (UK), RBS Invoice Finance and Secure Trust Bank, in connection with a £357.5m syndicated asset-based finance facility made available to Aurelius Capital to support the purchase of McKesson Corporation’s UK business.

DLA Piper

‘A market leader in the ABL sphere’, DLA Piper provides ‘professional and skilful advice’ to creditors and debtors, including traditional banks, independent ABL funds, corporates and sponsors, across a broad swathe of domestic syndicated and bilateral ABL transactions. The team’s geographical diversity, which includes practitioners in key regional centres including Leeds, Manchester and Edinburgh, as well as London, ensures that the firm is well-plugged in to the domestic ecosystem, while its broad international footprint marks the firm out as a sensible choice for cross-border matters. Another core strength of the team is its ability to provide advice throughout the life cycle of a deal, both at the front end (including on product development), as well as in any subsequent restructurings/insolvencies and litigation. Manchester-based partner Joseph Frew embodies this all-encompassing approach, being equally adept at handling transactional work as he is advising funders on the drafting and development of template documentation for ABL facilities. Based out of Leeds, the ‘excellent’ Sarah Day co-heads the team alongside Frew, and has garnered an excellent track record among UK and US banks as a result of her aptitude at handling relatively commoditised domestic mandates as well as highly structured and cross-border financial transactions. Neil Riley spearheads the ABL-related restructuring work from the London office, while Manchester-based Legal Director Alastair Carruthers is gaining a reputation as a ‘high-quality lawyer’, whose work for a variety of funders and companies is praised as being ‘almost partner like in how they approach working with clients’. 

Responsables de la pratique:

Sarah Day; Joseph Frew

Autres avocats clés:

Stephen Bottley; Chris Roberts; Neil Riley; Allan Leal; Peter Manley; Alastair Carruthers; Rob Lyons; Charlotte Smith; Charlotte Woodfield; Rachel Holt

Les références

‘It is a market leader in the ABL sphere and provides professional and skilful advice.’

Working with Joseph Frew and Sarah Day is always enjoyable.’

Alastair Carruthers is a high-quality lawyer and someone who is almost partner like in how they approach working with clients.’

Principaux clients

ABN Amro Commercial Finance

Aldermore Invoice Finance

BNP Paribas Commercial Finance


Close Invoice Finance

ING Wholesale Banking

Deutsche Bank

AIG Europe S.A.

Shawbrook Bank Business Credit

ING Commercial Finance

Bibby Financial Services

Coöperatieve Rabobank U.A., “Rabobank”


Trade and Development Bank

Principaux dossiers

  • Acted for Aurelius on the asset based financing of its high-profile acquisition of the retailer, Footasylum.
  • Advised a three bank syndicate on the provision of a £135m asset based financing facilities agreement in favour of the Thomas Plant Hire group of companies.

Norton Rose Fulbright

Drawing upon 'deep industry knowledge', Norton Rose Fulbright provides 'very commercial' advice to funders, corporates and sponsors across a wide-range of ABL techniques, including in the context of bilateral and syndicated facilities. Under the guidance of the 'excellent' Michael Black, the team has forged a very successful practice handling domestic as well as big-ticket cross-border mandates. Much of the international work is for core lender client, Bank of America, which is appreciative of the firm's ability to provide complex structured advice which incorporates ABL facilities alongside other debt in the capital structure. Alex Dunn has 'extensive ABL knowledge on both UK and cross-border transactions', and is a key member of the team, as is counsel Helen Masri, who is noted for her 'exceptional technical ABL knowledge' and ability to provide 'thoughtful and creative solutions'. 

Responsables de la pratique:

Michael Black

Autres avocats clés:

Alex Dunn; Charlotte Hickman; Helen Masri; Alannah Frost

Les références

‘The team is commercial and will not negotiate for negotiations sake, they understand the key points of concern for me as a lender and are able to explain complex legal points in a simple manner.’

They have deep industry knowledge and we often utilise this expertise in the initial structuring of the facility.’

Alex Dunn has extensive ABL knowledge on both UK and cross-border transactions. Her understanding of more complex structures is second-to- none and her knowledge and input helps us to structure innovative solutions.’

Principaux clients

Barclays Bank

Bank of America

JP Morgan

Wells Fargo Capital Finance (UK) Limited

PNC Bank, National Association

Aurelius Group

Bantry Bay Capital

Deutsche Bank AG

Goldman Sachs Bank USA

Macquarie Capital Funding LLC

Principaux dossiers

  • Advising Barclays Bank as arranger of a $500m asset-based lending facility to entities related to Clayton, Dubilier & Rice LLC in relation to the acquisition of LABL Acquisition Corporation from Platinum Equity.
  • Advised Bank of America as arranger of a $250m syndicated asset-based lending facility for the global shoe retailer Clarks in relation to its trading in the UK and the USA.
  • Acted for new client Aurelius Group on the financing of its acquisition of the Minova Group, a carve out from the Australian listed mining company Orica, for AUS$150m.

Pinsent Masons LLP

The 'responsive, commercial and cost-effective' team at Pinsent Masons LLP  displays 'excellent market awareness', as a result of many years advising funders and corporates on deal structuring utilising a wide range of ABL products, including non-recourse (including off balance sheet), inventory lending, receivables purchase facilities and back-to-back receivables financings. On the lender front, the firm is particularly well-placed to advice clearing bank clients, where it is able to leverage deep institutional relationships established not only through the ABL team, which is headed from Birmingham by Edward Sunderland, but also as a result of the firm's broader banking and real estate finance offerings. This cohesive approach also manifests itself in the ease with which the team is able to advise on deals where the ABL product is used in conjunction with other debt products, as well as in less conventional matters - including the team's recent work for RBS Invoice Finance on its debut sustainability linked ABL facility provided to the Recycling Lives Group. Birmingham-based partner Victoria Baker led on the aforementioned deal and is appreciated for her 'commercial mindset whilst recognising and being able to articulate the core legal issues'. For "bad book" work, the team is able to call upon the expertise of numerous strong restructuring lawyers with deep understanding of ABL products. Key among these is Amy Flavell, whose expertise covers formal insolvency, distressed transactional work, as well as advice in a risk management context. All named practitioners are based out of Birmingham.


Responsables de la pratique:

Edward Sunderland

Autres avocats clés:

Amy Flavell; Ian Falconer; Victoria Baker

Les références

Pinsent Masons’ ABL team are one of the market leaders – they are pragmatic, responsive and deliver a good service.’

‘The responsive, commercial and cost-effective team displays excellent market awareness.’

Victoria Baker has a commercial mindset whilst recognising and being able to articulate the core legal issues.’

Principaux clients

Shawbrook Bank Limited

Arbuthnot Commercial Asset Based Lending Limited

IGF Invoice Finance Limited

Nucleus Commercial Finance

Nucleus Cash Flow Finance Limited

Bibby Financial Services Limited

Secure Trust Bank plc

Aldermore Invoice Finance

ABN AMRO Commercial Finance

Close Brothers Invoice Finance

Clydesdale Bank Invoice Finance

Simpsons Malt Limited

Pertemps Network Group Limited

Sykes Seafoods Limited

City Electrical Factors

Briggs Equipment UK

LGT Private Debt (UK) Limited

Principaux dossiers

  • Advised CEF on the extension of their ABL Facility with Wells Fargo, syndicating this facility with PNC, and providing additional facilities for subsidiary Segen Limited across UK, Germany and South Africa.
  • Advised RBS Invoice Finance Limited in connection with their debut sustainability linked asset based lending facility which was provided to the Recycling Lives Group.
  • Advised HSBC Invoice Finance and HSBC UK Bank plc on the provision of a new £45m ABL facility (receivables, inventory, plant & machinery and property) to a corporate client to assist in an acquisition.

Squire Patton Boggs

The 'very commercial' team at Squire Patton Boggs, which is led from London by the 'exceptional' Paula Laird, remains a popular choice among a lender-focused client base across a wide range of ABL-related transactions, from both a bilateral and syndicated perspective. Many of these financing transactions utilise ABL debt in an event-driven scenario, where the team's ability to leverage its broader financial services prowess, as well as international practitioners across Continental Europe and the US, is a strong selling point on deals which typically involve complex inter-creditor arrangements and multi-jurisdictional considerations. As Laird herself devotes more time to her managerial role as head of banking across Europe and the Middle East, a good deal of the day-to-day involvement is handled by director Tom Dell’Avvocato in London and from Leeds by Tom Telford, who are both well-versed in a range of domestic and cross-border deals for clients including Wells Fargo.

Responsables de la pratique:

Paula Laird

Autres avocats clés:

Tom Dell’Avvocato; Tom Telford; Alice Moserova

Les références

They have a strong market presence and understand our business well.’

‘Superb product knowledge, super responsive and willing to invest in the relationship.’

The team is very experienced and highly knowledgeable in the cross-border ABL space.’

Principaux clients

Apollo Global Management

Lloyds Banking Group

The Royal Bank of Scotland plc

White Oak

Wells Fargo



The PNC Financial Services Group Inc

Gordon Brothers


Pretura Commercial Finance

Arbuthnot Commercial Asset Based Lending Limited

Breal Zeta Commercial Finance

Endless LLP

FGI Worldwide LLC

Raiffeisen Bank International

Deutsche Bank AG


Leumi ABL

Principaux dossiers

  • Advised Callodine Commercial Finance LLC as agent in its first funding collaboration with Oldenburgische Landesbank AG (private equity backed by the Apollo group) on syndicated asset backed credit facilities to the NKD group – backed by TDR Capital.
  • Advising Essar on various syndicated receivables purchase facilities provided by Cyrus Capital, Callodine Commercial Finance LLC, Artis Finance and JP Morgan; including structuring, drafting and negotiation of finance documents; and the completion of significant financing within compressed timeframe for the UKs second largest oil refinery, producing a sixth of the UKs petrol.

Crowell & Moring

Led by 'industry specialist' Andrew KnightCrowell & Moring has forged a strong offering for a lender-focused client base in the ABL market since he established the firm's "greenfield" offering in 2019. Much of this success can be attributed to Knight's robust ties with a number of well-established independent ABL lenders, most notable of which is PNC Bank. As well as advice on transactional work, which includes the use of ABL for working capital purposes and to facilitate event-driven mandates including M&A, Knight also regularly advises on product development and restructuring matters. Clients also benefit from the expertise of a number of strong insolvency practitioners with deep ABL product knowledge, including Cathryn Williams and Paul Muscutt, in the event of formal processes.

Responsables de la pratique:

Andrew Knight

Autres avocats clés:

Paul Muscutt; Robert Weekes; Cathryn Williams; Laurence Winston; Seye Olufunwa; Mark Forster; Bethany Bradley; Phillipa Lai

Les références

Andrew Knight has a comprehensive understanding of our business and has been advising us for well over a decade.’

‘Andrew Knight is an industry specialist.’

Principaux clients

PNC Financial Services UK Ltd


BZ Commercial Finance DAC

Leumi UK Group Limited

Secure Trust Bank PLC

FGI Worldwide, LLC

Cubitt Trade Holdings – includes financial subsidiaries Upstream Working Capital, Pulse Cashflow Finance and Regency Trade Finance



Principaux dossiers

  • Advised PNC Business Credit on the provision of a £70m super senior term loan and revolver to Phenna Group, a portfolio company of Oakley Capital.
  • Advised BZ Commercial Finance on the provision of an $AUS 97m multi-jurisdictional acquisition and working capital ABL facility to Minova and its subsidiaries in the context of their acquisition by Aurelius.
  • Advised Secure Trust Bank on the provision of a £25m ABL facility to Butcher’s Pet Care Limited.


Dentons' credentials in the ABL market were hugely enhanced following the recruitment of the 'exceptionally professional but personable' Simon Prendergast in March 2022 from Addleshaw Goddard. Prendergast now heads the team and has, since his arrival, successfully exploited the firm's broader banking and trade finance practice, to secure a number of transactions involving multiple layers of debt in the capital structure alongside the more conventional receivables mandates for working capital purposes. In addition, the team is also well-positioned to leverage the firm's international network for multi-jurisdictional matters. The firm's prior Scottish expertise also continues unabated, with Glasgow-based Stuart Fitzsimmons  excelling in advising on ABL-related work in distillery sector.



Responsables de la pratique:

Simon Prendergast

Autres avocats clés:

Stuart Fitzsimmons; Ian Clements; Simon Warburton  Evdokia (Dunya) Maslennikova

Les références

‘The team brings a high level of experience and track record to the ABL offering as well as a pragmatic and commercial outlook that helps get deals across the line.’

‘Simon Prendergast is always exceptionally professional but personable, easy to talk and stays calm under pressure. This coupled with a depth of product knowledge and experience offers a high degree of comfort and certainty that the right job will get done.’


Morgan, Lewis & Bockius UK LLP

Able to call upon the expertise of practitioners based in the US, Morgan, Lewis & Bockius UK LLP remains very active for an impressive roster of large US-based banks, including Wells Fargo, Bank of America and JP Morgan, both on UK-originated deals as well as cross-border mandates with a transatlantic nexus. While the firm does handle some more conventional domestic matters for working capital purposes, including for a growing range of alternative funder clients, the firm is particularly adept at advising on larger ticket event-driven mandates, where the ABL portion sits alongside other debt in the capital structure and involves complex inter-creditor arrangements. The team is particularly active in the tech, manufacturing and retail sectors, an area that associate James Mead has strong visibility, both on the new money and restructuring front. Former team head Georgia Quenby  recently retired.

Autres avocats clés:

James Mead

Principaux clients

Wells Fargo Capital Finance (UK) Limited

Wells Fargo Bank

Bank of America

JP Morgan Chase

Investec Bank

Westcon Group

Aurelius Finance Company

Bantry Bay

Callodine Commercial Finance

Tenax Capital

Tosca Debt Capital Fund


Blazehill Capital Finance

Principaux dossiers

Shoosmiths LLP

Drawing upon 'strong experience and knowledge of the ABL sector',  Shoosmiths LLP provides 'high-quality' advice to a lender-focused client base, primarily on bilateral facilities, to help domestic SME corporates on new money facilities (for working capital and growth purposes), as well as refinancings. Team head Jon Bew 'is always approachable, knowledgeable and practical', ensuring he is a popular choice among non-bank lenders on the structuring of a range of ABL products (including receivables financing and supply chain financing), as well as in relation to the drafting of  their template documentation. Birmingham-based partner Natalie Barnes is also recommended.

Responsables de la pratique:

Jon Bew

Autres avocats clés:

Natalie Barnes; Alistair Hayes; Kieran Cummins

Les références

Shoosmiths provides high-quality advice as a result of its strong experience and knowledge of the ABL sector.’

‘Jon Bew is always approachable, knowledgeable and practical.’

‘Natalie Barnes and Jon Bew are the ‘go to’ partners and provide excellent support for our needs. The follow-up post-completion with prompt delivery of completion bibles is also a plus.’

Principaux clients


Arbuthnot Commercial Asset Based Lending Limited

Close Brothers

Hilco Capital

IGF Business Credit Limited

Investec Bank Plc


Praetura Commercial Finance Limited

Santander Bank Plc

Secure Trust Bank Plc

Shawbrook Bank Limited

Principaux dossiers

  • Advised IGF Business Credit Limited on a secured working capital facility to McLaren Applied a technology first supplier, primarily to motorsport, automotive and transport industries.
  • Advised Praetura Commercial Finance on a £3.25m asset based lending facility to Wattbike.
  • Advised Arbuthnot Commercial Asset Based Lending Limited on a £6.8m facilities package (including an accounts receivable line, a cash flow loan, a Recovery Loan Scheme (RLS) term loan, and a property loan) to Newable Capital.


Drawing upon 'excellent industry knowledge', developed over many years' experience in the sector, North West-based firm Bermans provides 'pragmatic and cost-effective' advice to commercial finance and alternative finance companies providing funding to owner-managed business and SMEs. Liverpool-based Alex Chapman heads up the team and alongside David Gledhill in Manchester is pivotal to the firm's ongoing success in relation to receivables and invoice finance transactions. Both Chapman and Gledhill are 'incredibly hard working and responsive' in relation to new money mandates, while Ian Munford and Jonathan Berkson, from Manchester and Liverpool, respectively, are integral to the firm's success advising on any pursuant litigation that may arise.

Responsables de la pratique:

Alex Chapman

Autres avocats clés:

David Gledhill; Jonathan Berkson; Ian Munford; Andrew Henderson; Alissa Marsh; Claire McDonnell

Les références

The excellent team provides pragmatic and friendly advice.’

They have excellent industry knowledge.’

They are very knowledgeable about legal issues affecting the asset finance industry.’

Principaux dossiers

Bryan Cave Leighton Paisner

Although it has less of a core focus on ABL work than some of its higher-ranked peer firms, Bryan Cave Leighton Paisner is an increasingly popular choice among the firm's strong corporate and lender client roster on transactions which require flexible funding arrangements/solutions, often involving complex inter-creditor issues. Drawing upon her overarching banking expertise, as well as solid knowledge of structured and ABL-related financings, the 'exceptionally committed and attentive' Shanan Dunstan is the primary contact for work in the space, and regularly advises Wells Fargo on lending in the sector, including on inventory financing and channel financing facilities. Emma Howdle-Fuller heads up the overarching commercial lending practice.

Responsables de la pratique:

Emma Howdle-Fuller

Autres avocats clés:

Shanan Dunstan; Derek Hrydziuszko; Dominic Gregory; Daniel Finch

Les références

Shanan Dunstan is exceptionally committed and attentive.’

Principaux clients



Wells Fargo

Norinchukin Bank

Scotiabank/Bank of Nova Scotia

Bank of China (London Branch)

Harlan Capital KME


Romulus Holdings

Principaux dossiers

  • Advised Wells Fargo in the UK and US in relation to its US$ multi-billion global channel financing and inventory financing platforms which it provides to manufacturers and distributors globally.
  • Advised Factofrance, a leading provider of financial services headquartered in France, on various amendments and accessions under a non-recourse receivables purchase facility provided by it to the KME Group, a global copper processing business.
  • Advised a major global bank on its €88m financing of a classic car collection for a family office of an ultra-high net worth individual.


Horsham-based firm Cripps has excellent traction among lenders and borrowers providing and seeking finance utilising ABL products, primarily in a domestic setting. Factoring and invoice finance discounting remains the firm’s staple workflow, with Dawn Shadwell successfully securing panel relationships with a number of new funders. The vastly experienced Noel Ruddy co-heads the team alongside Shadwell and is noted for his transactional prowess (on a new money and refinancing context), as well as handling work in the context of corporate and M&A work in the space.

Responsables de la pratique:

Noel Ruddy; Dawn Shadwell

Autres avocats clés:

Chehraz Fox; Ruth Clinton; Sian Webber; Victoria Jackson; Oliver Parsons

Principaux clients

ABN AMRO Asset Based Finance N.V.

Arbuthnot Commercial Asset Based Lending Ltd

Bibby Group

Breal Zeta CF Limited

BNP Paribas Commercial Finance Limited

Pulse Cashflow Finance Limited/Pulse Cashflow Finance (MK) Limited (ex Calverton Business Finance Limited)

Close Invoice Finance Limited

FSE Group

Investec Group

Nucleus Commercial Finance Limited

Pulse Outsource Limited

Growth Lending Group of Companies (including Boost Finance)

Satago Financial Solutions Limited

Advantedge Commercial Finance Limited

Principaux dossiers

  • Advised the financier with the refinance of a company specialising in groundworks, roads and sewers for national builders/developers.
  • Advising CAF Bank Limited on their biggest ever single transaction, lending to a charity supporting homelessness in England.
  • Advising the financier with the financing of a company specialising in the supply of concrete products and piling services to the construction industry for the purpose of further growth and working capital.