LUV helps client acquire competitor

LUV Asset Finance recently supported Universal Tanker Group, a longstanding client, to acquire a major competitor based in the North East.

The company, which specialises in the transport, management and disposal and of non-hazardous waste water, was founded by Simon Gunn more than 25 years ago and is now one of the key players in the market.

The business has grown rapidly since incorporation on the back of Simon’s expertise,, winning a wide range of commercial and residential clients.

In October 2017, Universal Tanker Group made the game-changing acquisition of Waters Waste Services Ltd which ran a parallel business in Yorkshire, with depots distributed around the country.

Richard Fothergill, sales director of LUV Asset Finance, said: " To fund this most recent purchase, we identified that the target business, Dial-A-Loo Ltd, owned 15 heavy and light commercial vehicles outright. We were able to leverage against the unencumbered assets, raising £740,000 by selling the vehicles and leasing them back on a hire purchase facility.

"The deal was brokered through Shawbrook Bank, which was able to release 90 per cent loan to third-party value.

"Shawbrook Bank is a company I have dealt with for the last four years and had every confidence that they would be able to structure a deal to ensure the full amount required was raised."

Simon said: “Ours is a family business and that tradition is strengthened further with our acquisition of Waters Waste Services and now Dial-A-Loo. LUV Asset Finance and Shawbrook Bank both share our view and ethos that the best business is personal. “The two acquisitions over the last 14 months have shown how ambitious we are to become the market leader in this sector.”