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B&Q Distribution Centre, Worksop 

A complex restructuring, entailing the application of Directors’ financing and restructuring skills.

This high grade asset had been over-leveraged by the previous owner with the total debt secured against it significantly exceeding its value. In addition, the former owner had committed to a long term swap instrument with a negative value of circa £25m. The Lenders therefore sought to achieve a change of control to our Directors to facilitate a professional management team and more profitable financing package.

We consensually negotiated a complex refinancing of the Asset with its three Lenders, which achieved a change of ownership to our Directors. The refinancing optimises recovery for the Lenders.