Travers Smith LLP has acted on the acquisition of Everyday Loans Holdings Limited, a branch based non-standard consumer lending business, by Non-Standard Finance plc (NSF) from Secure Trust Bank plc, the retail bank of Arbuthnot Banking Group. Travers Smith advised long-standing clients The Royal Bank of Scotland plc and Shawbrook Bank Limited, who (in conjunction with Secure Trust Bank plc) will provide debt facilities to certain members of the NSF Group as part of the acquisition.
Under the terms of the financing, NSF Subsidiary III Limited, a subsidiary of NSF, entered into an £85,000,000 senior term and revolving facilities agreement with the lenders, the proceeds of which will be applied in part towards the financing of the acquisition.
The sale is conditional on NSF shareholder approval of its equity fundraising, admission of the new NSF shares to the main market of the London Stock Exchange, regulatory approval and satisfaction of the conditions to the NSF financing. The acquisition is expected to close in the first quarter of 2016.
The Travers Smith team advising the lenders on the transaction was led by Finance partner Charles Bischoff, who was supported by Finance associates Jamie Parish and Phoebe Santa-Olalla and Finance trainee Rosie Antcliff. Corporate partner Philip Cheveley advised on the corporate aspects of the transaction, Commercial partner Ben Chivers and Commercial associate Sonny Mallet advised on the commercial aspects of the transaction and Tax partner Simon Yates and Tax associate Maudie Leach advised on the tax aspects of the transaction.
EY and Slaughter and May advised NSF (in its capacity as Purchaser and parent of the Borrower). Clifford Chance LLP advised Secure Trust Bank plc (in its capacity as Vendor).