Addleshaw Goddard advises VJ Technology on £15m asset based lending facility with Arbuthnot Commercial ABL

Addleshaw Goddard has advised Kent-headquartered fixings, fasteners and building consumables distributor VJ Technology Group (VJT) on securing a £15 million asset based lending facility from Arbuthnot Commercial Asset Based Lending (Arbuthnot).

VJT, headquartered in Ashford, supplies Tier 1 contractors on major infrastructure projects including High Speed 2 (HS2), Sizewell C and Heathrow Airport, as well as supporting a broad range of regional construction businesses across the UK.

Arbuthnot structured a comprehensive funding package comprising a confidential invoice discounting facility, inventory revolver and cashflow loan. The facility will support VJT’s continued investment in its high-growth iStore procurement platform, which provides construction sites with secure, intelligent, 24/7 access to tailored inventories of fixings and consumables.

Addleshaw Goddard acted as borrower counsel to VJT on all aspects of the transaction, working alongside Craig Cheetham and Craig Monks at Fellwood Advisory who were the debt advisory team on the deal.

Andrew Mobbs, Chief Executive of VJ Technology Group, commented:

“We were delighted with the service provided by Philippa McCarthy and the Addleshaw Goddard team. The team was always on hand to provide clear advice and recommendations, taking a refreshing solutions-led approach to legal negotiations.”

The Addleshaw Goddard team was led by Philippa McCarthy, supported by Rebecca Williams and Dana McCann.