International law firm Womble Bond Dickinson (WBD) has advised longstanding client HSBC UK Bank plc on a multimillion-pound package of funding to Gregory Distribution, one of the UK's largest logistics and distribution businesses. The funds will be used to support the group's growth plans and increase working capital.
Headquartered in Cullompton, Devon, Gregory Distribution operates a network of hubs across the country and employs more than 3,000 staff across 40 sites. Its fleet includes 1,000 vehicles and 1,900 trailers, of which 300 are temperature controlled.
The family-owned firm, which was founded more than 100 years ago, plans to use the cash injection to acquire extra properties, increase working capital and invest in new Euro VI compliant vehicles and hydrogenated vegetable oil (HVO).
A team of lawyers from WBD advised HSBC on the deal, which was led, on the banking side, by partner Tom Caplen and associate Natalie Caple, and on the real estate side, by partner Craig Moore and associates Gillian Buchanan and Alison Morden-Hawke, with the firm advising on the refinancing of Gregory Distribution's property assets and coordinating completion of the multi-line finance package.
Commenting on the deal, Tom Caplen said:
"We're delighted to have supported HSBC and Gregory Distribution with this funding package, which will support business growth and the regional economies in south west England and Scotland. This has been a truly collaborative effort between all the teams involved; our cross-sector expertise in financial institutions and real estate together with our national footprint meant we were able to help deliver a smooth transaction. Congratulations to HSBC and Gregory and we wish them every success in their new relationship."