Gateley helps secure £62m funding for Bridgnorth Aluminium

Gateley’s banking and finance team has advised on a recent deal that saw Shropshire-based Bridgnorth Aluminium, a producer of lithographic aluminium strip, secure £62m in funding from the Birmingham office of Lloyds Banking Group.

Andrew Madden, banking and finance partner, and Rebecca Sherwin, real-estate partner, provided legal advice to Lloyds Banking Group, assisted by Tammy Paleari, banking and finance solicitor, and Sarah Carlton, trainee solicitor.

The financial package encompasses a £45m asset-based lending facility from Lloyds Bank Commercial Finance and £17m of term funding from Lloyds Bank Commercial Banking.

With a turnover of £180m and a workforce of 300, the company produces aluminium coils for the food, pharmaceutical and printing industries. The capital will be used to help the business develop, pay for its ongoing operation and finance the future expansion of its manufacturing plant.