Lawrence Stephens’ Corporate & Commercial team have completed on a £1.5 million CBILS loan to a corporate borrower on behalf of long-standing client, Metro Bank PLC.
Solicitor Aashay Knights acted for the bank to facilitate a CBILS (Coronavirus Business Interruption Loan Scheme) loan to a business client seeking finance to reorganise their corporate structure. The loan subsequently enabled the client to purchase shares from an existing shareholder and refinance a CBILS loan from Allied Irish Bank (UK) Limited.
The completion of the CBILS loan was cross-collateralised with Metro Bank’s Invoice Finance team – led by Tom Kitching and David Parnell – which also allowed a £1.75 million invoice finance facility for the corporate client.
This deal is the latest of many CBILS loans Lawrence Stephens has successfully completed for Metro Bank since the inception of the scheme in 2020.
Aashay Knights, Corporate & Commercial Solicitor, comments:
“It was an absolute pleasure to help Kip, Vipin, Sarah, Leon and the wider team at Metro Bank to turn around this significant CBILS loan for their client. In what has been a particularly difficult period for business, it is reassuring to know that this loan will give the Borrower much needed support to ensure that their business can continue operating with success well into 2021 and beyond.”
Kip Chahal, Commercial Business Manager, Metro Bank, comments:
“Delighted to have supported our customer. A special thanks to David Parnell, Leon Sloyan, Tom Kitching, Vipin Maru & Sarah Gurney who were integral to getting the completed. Working with Aashay was open and professional. He worked quickly and effortlessly to ensure the deal completed within tight timescales.”