Newly-merged law firm DAC Beachcroft has secured substantial bank funding to support its development and growth in a deal structured in Bristol.
The package includes a combination of working capital, loans, revolving credit and corporate asset-based finance and was led, for Lloyds Bank Corporate Markets, by Andy Hart and Gavin Reid in Bristol.
Additional financing was provided by HSBC while and Phil Lane from Deloitte’s Bristol-based corporate finance team advised on the deal.
Patrick Firebrace, finance director for DAC Beachcroft, formed on Monday by the merger of Beachcroft and Davies Arnold and which has an office in Bristol, said: “The merger has given us the platform from which to build on the significant relationships we already enjoyed with insurers and reinsurers independently and to expand on the scale of our international business, particularly in Latin America.
“Lloyds Bank Corporate Markets, HSBC and Deloitte have been an excellent support in our vision for DAC Beachcroft, working to very tight timescales and providing high level, bespoke solutions to our requirements.”
Lloyds Bank Corporate Markets area director Clive Hetherington said: “Both Beachcroft and Davies Arnold Cooper were long-standing customers of ours and we’re delighted to be supporting them as a combined business following this very exciting merger. This is a great example of two respected firms coming together to build on their ambitions for growth and international expansion.”
Deloitte Bristol director Phil Lane added: “This is an exciting time for the firm and we look forward to supporting the business as it grows and expands into new markets.”
