Arbuthnot Commercial Asset Based Lending Ltd. (Arbuthnot Commercial ABL) is pleased to announce that it has provided funding in support of the Buy In Management Buy Out (BIMBO) of Halcyon Tankers, the haulage division of Hargreaves Logistics, which specialises in transporting petroleum and bulk chemicals across the UK from its base in Port Clarence, Middlesbrough.

Andrew Spence‐Wolrich (former MD of Hargreaves Logistics) and Ian Elliot (former MD of Imperial Tankers) were part of the team which started the Halcyon Tankers division in July 2017.  Since then, the company has seen rapid growth and now has 31 staff members and a fleet of 26 tankers.

The ABL facility, consisting of a confidential invoice discounting line and plant and machinery loan, will be used to secure the acquisition and provide ongoing working capital for further growth.

The transaction, which was completed for an undisclosed sum, sees Ian Elliott, Andrew Spence-Wolrich and Nigel Barraclough become owners of the company. Ian Elliott will continue as MD at Halcyon Tankers, with Andrew Spence‐Wolrich taking the role of Commercial Director and Nigel Barraclough the role of Finance Director and Chairman.

Andrew Rutherford, Commercial Director at Arbuthnot Commercial Asset Based Lending Ltd., commented:

“The management team at Halcyon Tankers has exciting plans for the future, and we are delighted to support them, not only with the successful Buy In Management Buy Out Transaction but also with additional ongoing funding to help them accelerate growth. This deal has all of the ingredients of an ideal ABL transaction ‐ an experienced management team with a buy out opportunity for an asset rich business. Add to the mix a sector faced with the need to meet regular obligations such as payment for drivers’ wages and diesel prior to being paid by its customers, and you have the perfect conditions for a revolving funding line to add continuous value. We wish the team every success in the future.”

Nigel Barraclough, Finance Director and Chairman, Halcyon Tankers, said:

“The team at Arbuthnot Commercial ABL pulled out all the stops to get the deal done. What drew me to them was the professional way in which they looked to structure the transaction and the openness and clarity with which they outlined the fees involved. Our aim is to build a sustainable, long‐term quality business and we see that the good relationship we have already developed with Arbuthnot Commercial ABL will play a key part in helping us to realise critical mass more quickly through organic growth and potentially, acquisitions.”

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Registered in England and Wales no. 10915339. Arbuthnot Commercial Asset Based Lending Limited’s registered office is Arbuthnot House, 7 Wilson Street, London, EC2M 2SN. Arbuthnot Commercial Asset Based Lending is not authorised and regulated by the Financial Conduct Authority.