Global law firm Ashurst has advised Manchester-based lender 247 Money on its inaugural private securitisation.
247 Money was launched in 2018 and specialises in hire purchase contracts for used vehicles across the UK. It is part of the 247 Group, which also includes CarFinance 247, the UK's leading online car finance market place.
Ashurst advised 247 Money on the implementation of an innovative private securitisation structure to facilitate senior funding from NatWest Markets as well as mezzanine funding from East Lodge Capital. The securitisation has a total facility of up to £305m to support new lending by 247 Money.
The Ashurst team was led by partner Thomas Picton, assisted by counsel Zena Kukreja.
Thomas Picton said: "We are pleased to have advised 247 Money, a new client for the firm, on its first securitisation and to have supported this new and innovative lender on its continuing growth strategy.
"Ashurst's dedicated specialty finance team provides advice on all aspects of funding, regulatory advice and M&A within the specialty finance space, and our team is very pleased to be working with 247 Money to help them deliver even more options to more consumers."
David Miller, 247 Money CFO commented:
"Consumer demand for finance has been strong as the UK emerges from the pandemic and this securitisation is a significant step-change for the business. As a Group we have a long-standing relationship with NatWest and we also welcome the funding support of East Lodge Capital, the dedicated resources of EY's Corporate Finance Team, and Ashurst LLP's support as legal counsel."
