This document summarizes an Asset Based Lending (ABL) financing program provided by ABN AMRO Commercial Finance. In 2015, ABN AMRO helped many clients across numerous sectors leverage funding and boost working capital through ABL to achieve growth, complete acquisitions, and invest in opportunities. The program aided improvements to ABN AMRO's systems and processes, allowing it to provide faster transactions. ABL provides flexible structured working capital financing to help companies address challenges or periods of growth. Going forward, ABN AMRO is committed to helping both smaller and larger businesses realize their ambitions through ABL financing.

1. 2015
ayearofgrowth Discover how Asset Based Lending
helped our clients achieve their goals

2. At ABN AMRO Commercial Finance,
we are committed to communicating
the benefits of Asset Based Lending
(ABL) to as many businesses and their
trusted advisers as possible.
Our 2015 review highlights the diverse
range of companies that have used
ABL to boost cashflow and the
following pages provide a cross-section
of deals completed across numerous
sectors, helping them to leverage
funding, boost working capital and
invest in opportunities.
Our clients’ success stories, both
domestic and international, were made
possible thanks to a shared passion for
excellence across the Group, and our
multi-local solutions have gone from
strength to strength.
2015 also saw us continue our intensive
Customer Excellence programme. Its
success aided improvements to our
systems and processes, enabling us
to provide smoother, faster and more
seamless transactions, as well as
offering one of the lowest Debt Turn
days within the UK market.
We recognise speed is vital when it
comes to funding as it ensures orders
are met, services are delivered, and
opportunities are seized.The ABL
model itself is designed to provide the
financing companies need, when they
need it.The flexibility of ABL means that
structured working capital finance can
be uniquely packaged much faster than
traditional finance packages, to help with
unexpected challenges or periods of
organic and acquisitional growth.
As we move forward, we will continue
putting our customers at the heart of
everything we do. We will dedicate
ourselves to helping businesses both
here in the UK and across Europe.
Whether it’s a smaller business with a
turnover of £1m or a blue-chip global
corporation with a turnover in excess
of £250m, ABN AMRO Commercial
Finance has the reach, scope and
ambition to raise the funding they need
to realise their ambitions.
We look forward to working with
you in 2016.
With very best wishes,
Peter Ewen, Managing Director

3. meettheteam
Birmingham
Guy Walsh
Sales Director – North
07909 886140
guy.walsh@abnamrocomfin.co.uk
Ben Pittam
Business Development Manager
07780 957639
benjamin.pittam@abnamrocomfin.co.uk
Cardiff
Kelvin Thomas
Sales Director – Wales & West
07742 514101
kelvin.thomas@abnamrocomfin.co.uk
Cambridge
Michael Davis
Business Development Manager
07990 675515
michael.davis@abnamrocomfin.co.uk
Haywards Heath
Ian Burman
Sales Director – Central
07780 957648
ian.burman@abnamrocomfin.co.uk
Tony Tydeman
Regional Manager
07971 493092
tony.tydeman@abnamrocomfin.co.uk
Phillip Mcleod
Business Development Manager
07890 266317
phillip.mcleod@abnamrocomfin.co.uk
Leeds
James Elliott
Business Development Manager
07780 957642
james.elliott@abnamrocomfin.co.uk
London
Rick Owens
Sales Director – London
07780 957634
rick.owens@abnamrocomfin.co.uk
Steve Kilby
Business Development Manager
07971 493095
steve.kilby@abnamrocomfin.co.uk
Lyle Ammon
Business Development Manager
07984 978605
lyle.ammon@abnamrocomfin.co.uk
Jamie O’Neill
Business Development Manager
07900 668144
jamie.oneill@abnamrocomfin.co.uk
Manchester
David Rushton
Regional Director
07973 370882
david.rushton@abnamrocomfin.co.uk
Natalie Jameson
Business Development Manager
07775 818449
natalie.jameson@abnamrocomfin.co.uk
Nicholas Russell
Business Development Manager
07974 923316
nicholas.russell@abnamrocomfin.co.uk
Milton Keynes
Robert Kelly
Business Development Manager
07930 325390
robert.kelly@abnamrocomfin.co.uk
Southampton
Ian Moody
Business Development Manager
07920 454997
ian.moody@abnamrocomfin.co.uk
Deborah Bell
Head of Sales
07984 978601
deborah.bell@abnamrocomfin.co.uk

4. businessservices

5. Growth
£650k
Healthcare
This healthcare specialist
required funding for NHS
contracts and support for
growth forecasts.
• Receivables FinanceFUNDING LINE
Turnaround
FUNDING LINE
£2m
Facilities Management
A phased restructuring and projected growth
required additional funding support.
• Receivables Finance
Acquisition
FUNDING LINE
£6m
Vacant Property Maintenance & Security
This private equity-owned business wanted to repay acquisition
debts and shareholder loan notes with the repayments pre-agreed.
Our breadth of knowledge and understanding enabled us to structure
a bespoke funding solution.
• Receivables Finance
• Cashflow Term Loan
Growth
FUNDING LINE
£750k
Finance
Working capital is vital for
payroll companies to operate
successfully and enable
growth ambitions.
• Receivables Finance
FUNDING LINE
Growth
£1m
Property Rental
This London-based short-term
residential letting business
required working capital to
continue its steep growth curve
and fulfil its impressive ambitions.
• Receivables Finance
Growth
FUNDING LINE
£450k
Electronics
A tailored alternative to existing
credit terms was required by this
established business to benefit
from higher funding lines and
lower costs.
• Receivables Finance

6. distribution

7. Refinance
FUNDINGLINE
£2m
Mailing & Distribution
An established mailing and distribution
solutions provider approached us in the midst
of the business restructuring to support
cashflow needs and expansion plans.
• Receivables Finance
Refinance
FUNDINGLINE
£6m
Electronics
When our existing client was acquired by a larger
company, we were able to replace the acquirer’s
existing funding package with an enlarged facility
with three operating companies to support the
group moving forward.
• Receivables Finance
Refinance
FUNDINGLINE
Packaging
It’s always gratifying when a
client returns to us and we were
only too willing to welcome them
back with a greater funding line
than the incumbent provider.
• Receivables Finance
£750k
Acquisition
£2m
Haulage
This successful, SouthYorkshire-based company,
with a strong financial performance and experienced
management team, required the right funding package
to facilitate its corporate restructure.
• Receivables Finance
• Cashflow Term Loan
FUNDING LINE
FUNDINGLINE
Refinance
£2m
Post & Mailing
An existing client saw its top debtor
double in size, and therefore required
flexibility from us to adapt and adjust
its funding agreement to provide the
service and limits required.
• Receivables Finance
• Bad Debt Protection
Refinance
FUNDINGLINE
£1.75m
Print Distribution
We were delighted to support the
purchase of this long-established
family business with a funding solution
which enabled the transaction and
safeguarded future working capital.
• Receivables Finance
• Enterprise Finance Guarantee Loan

8. manufacturing

9. Acquisition
FUNDINGLINE
£3m
Mouldings
We were delighted to support our client’s
share purchase in conjunction with a
Birmingham-based equity provider, creating
additional business for further growth.
• Receivables Finance
• Property Term Loan
Growth
FUNDINGLINE
£1.65m
Beds
This manufacturer’s incumbent provider
wanted to lower advance rates and fund
availability just as the business was
accelerating for growth.
• Receivables Finance
• Enterprise Finance Guarantee Loan
Growth
FUNDINGLINE
Home Furnishing
When this manufacturer required additional
financing to support growing sales, we were able
to exceed expectations by providing an additional
£500k of funding.
• Receivables Finance
• Inventory Finance
£3m
Refinance
£850k
Food
This family-owned manufacturer required
refinancing due to restrictions on a new
customer and benefited from increased
lines and advance rates.
• Receivables FinanceFUNDINGLINE
FUNDINGLINE
Refinance
£1.65m
Lighting
This well-established and well-supported
AIM-listed light manufacturer was
seeking to release greater working
capital for growth.
• Receivables Finance
• Enterprise Finance Guarantee Loan
Growth
FUNDINGLINE
£850k
Aerospace
Working capital was essential
in order for this well-established
manufacturing business to thrive.
• Receivables Finance
• Bad Debt Protection

10. recruitment

11. New Start
FUNDINGLINE
£200k
IT
This Bristol-based new-start
recruitment company
required a bespoke funding
solution which allowed
flexibility and growth.
• Receivables Finance
Equity Release
FUNDINGLINE
£3.25m
Hospitality
Equity release along with increased
working capital was the funding
challenge we were happy to assist with.
• Receivables Finance
• Cashflow Term Loan
Refinance
FUNDINGLINE
£9.5m
Acquisition
FUNDINGLINE
£3m
IT
To support the acquisition of a
Suffolk-based consultancy we
provided a tailored solution to
ensure a smooth transaction and
ongoing liquidity.
• Receivables Finance
• Enterprise Finance Guarantee Loan
Multi-discipline Professional
This leading London recruitment company required
funding against receivables and work in progress
(WIP) which differentiated our offering and provided
liquidity to finance future growth.
• Receivables Finance
Refinance
£2m
Finance
The objective of this specialist consultancy
was to improve upon the restrictive
funding lines of its existing lender and
release further working capital across its
large customer base.
• Receivables Finance
FUNDINGLINE
New Start
FUNDINGLINE
£500k
Tech & Construction
Established by a group of Dutch
investors, this business required
new-start support with protection,
allowing them to focus on growth.
• Receivables Finance

12. wholesale

13. New Start
FUNDINGLINE
Food
A former MD of a business we currently
provide funding to asked us to provide working
capital for the super foods company he is now
associated with.The company predominantly
supplies European supermarkets.
• Receivables Finance
• Bad Debt Protection
Acquisition
FUNDINGLINE
£1m
Automotive
A highly-successful automotive spare
parts business needed a funding solution
which would enable a Management Buy
Out and ongoing working capital.
• Receivables Finance
• Enterprise Finance Guarantee Loan
£1m
Refinance
FUNDINGLINE
£30m
Materials & Plant
This leading materials handling and plant hire Group
required a key partner in a long-term ABL solution
involving a six-bank syndicated facility – providing a
total of £200m in finance.
• Receivables Finance
• Trade Receivables
• Plant & Machinery Term Loan
FUNDINGLINE
Acquisition
£490k
Growth
£250k
Telecommunications
Recommended by an associate, this
new telecommunications manufacturer
knew exactly where to turn for working
capital to kick start their new venture.
• Receivables FinanceFUNDINGLINE
Clothing & Supplies
When this Derby-based office supplies and
work wear business faced a challenging
refinance, we were able to provide a
tailored and flexible funding solution to
enable the management team to focus on
diversification and growth of the business.
• Receivables Finance

14. internationalsolutions
Expanding your ambitions across multiple
borders can leave you feeling stretched:
multiple partners, the complexity of cultures,
fragmented financial systems and the rigid
red tape of regulatory requirements.
But there is a painless way to drive new
growth throughout Europe. A solution that
flexes the muscles of all of your regions to
leverage the value of your assets.
Our core commercial finance
services are:
• Full Cross-Border Finance
• Multi-Local Commercial Finance
Full Cross-Border Finance allows
your assets to be cross-collateralised
and centrally managed. Funding is
maximised by leveraging your Group
strength. We can establish one Group
facility under a single legal agreement,
funded through a lead agent structure
that lends directly to your organisation.
Simple and highly versatile.
Multi-Local Commercial Finance is a
variation to Full Cross-Border Finance
as we oversee all regional agreements
to operate as a single, joined-up
partner, giving autonomy to your local
management teams.
Our specialised teams ensure that the
process runs smoothly, minimising set-
up costs and reducing timelines. With a
passion for partnership, we shape each
solution and mould it to your needs.
Sustainable, seamless integration,
remaining flexible as you grow.

15. Background
A prestigious international food company whose product portfolio comprises food service and processed
meat industries for the retail sector. With a catalogue of client-specific products and innovative concepts,
they supply retail, industrial and food service clients across the Netherlands, Germany and indeed, the globe.
Reason for Finance
Having recently streamlined its focus,
the business had a strategic agenda
to further rationalise its footprint in order
to reduce costs and increase profitability.
Releasing €125m working capital
through Accounts Receivables Finance
was key to its success and speed was
of the essence in order to facilitate the
business’s development and ambition.
The Solution
The transaction was very complex
due to the size of the facility but the
ACF Group worked quickly to structure
a multi-local €40m solution towards
the total requirement. Acting as Lead
Arranger and Collateral Agent, the ACF
Group worked fast to secure syndicate
support across two finance partners in
the UK and another in the Netherlands
to deliver the remaining finance sought.
Highlights
• Complex Cross-Border Commercial
Finance structure, executed smoothly.
• Reliable – ACF Group acted as Lead
Arranger and Collateral Agent across all
three countries on behalf of the syndication,
providing a global line of €125m (ACF €40m).
• Fast response – the process from decision
to execution took just eight weeks.
• Collaborative – Successful Cross-Border
Financing with seamless cooperation
between all parties with tight deadlines
and liaison with banking facilities such as
trade finance.
Sector:
Wholesale & Distribution
Product:
Purchase of Receivables
(Syndicate loan with two
other international banks)
Facility:
€125m, of which lead
arranger ABN AMRO
Commercial Finance
contributed €40m

16. Reason for Finance
In recent years, the Group has developed
the business model to improve
efficiency, including restructuring the
financial facilities.The business was
feeling increasingly restricted by limits
on existing Senior Bank facilities and
additional finance was required to meet
its medium-term strategy of expansion
via acquisition.This financing transaction
featured the conversion €180m out of
€500m total debt into a Receivables
Financing facility, with the consent of the
incumbent banking syndicate.
The Solution
The ACF Group acted as Lead Arranger
and Collateral Agent to structure a
unique Cross-Border Receivables
funding solution across four territories
on a club deal basis. All four financiers
participated within a Loan Market
Association (LMA) standard legal
structure from the start in a shared risk
in their own territory, providing a global
line of €180m (ACF €80m).
Highlights
• Complex Cross-Border Financing across
four territories in France, the UK, the
Netherlands and Belgium.
• Collaborative – Working with three other
financiers committed to participate
providing a European factoring line.
• Reliable – the ACF Group acted as Lead
Arranger and Collateral Agent across all
four countries on behalf of the syndication
providing a global line of €180m (ACF €80m).
Sector:
Distribution
Product:
Purchase of Receivables
Facility:
€180m, of which lead
arranger ABN AMRO
Commercial Finance
contributed €80m
Background
A large European distributor with a commitment to innovation and adapting its
products for the marketplace. The business generates over €1.5 billion in revenues
and has thousands of employees spread over numerous countries.
internationalsolutions

17. Background
This fast-growing company operating across numerous territories
produces consumer goods, focusing on innovative household products
for cleaning, safety, cooking and personal care.
Reason for Finance
The business had growing international
ambitions but needed to find the right
kind of finance to turn this into a reality.
The funding solution had to offer the
flexible release of working capital to
adjust to seasonal influences as well
as provide the headroom required
for growth.
The Solution
The ACF Group worked together
to create a cross-border club deal
construction with Deutsche Bank. A
funding facility totalling €100m leveraged
via 90% advance on receivables and
65% advance against inventory across
our Group.The nature of this responsive
finance against revolving receivables and
inventory provided the business with the
ability to flex automatically with seasonal
highs and lows.
Highlights
• Cross-Border Finance across four territories
in the Netherlands, the UK, France
and Germany.
• Responsive – flexible finance which adjusts
to seasonal influences.
• Collaborative – €100m leveraged via 90%
advance on receivables and 65% advance
against inventory across our Group.
• Reliable – the ACF Group acted as Lead
Arranger and Collateral Agent across all four
countries, successfully attracting participants
to meet the funding requirements.
Sector:
Manufacturing
Product:
Purchase of Receivables
and Inventory
Facility:
€100m

18. thebuilding
blocksofsuccess
casestudy:
MediaCityUK: One of the many iconic landmarks that
have used Michelmersh products during construction
How the UK’s
leading independent
brickmaker survived
the recession with the
help of ABN AMRO
Commercial Finance

19. Traditionally, construction is the first industry to
enter recession and the last to exit.
This was never more apparent than during the
2008 recession, when the industry experienced
one of the largest decreases in job numbers of
any UK sector and its output fell faster than the
whole UK economy.
With contractors unable to pay subcontractors
and suppliers, cashflow was in rigor mortis, while
at the same time, traditional bank finance was
becoming increasingly difficult to attain. By 2009,
the number of companies declaring bankruptcy
had risen to its highest level since 1995.
As house building took a hit, Michelmersh Brick
Holdings PLC, the UK’s largest independent
brickmaker, began to feel the pressure.
Established in 1997, the company had grown
through acquisition and organic growth into
a profitable and asset-rich business. But
with cashflow halting due to the recession,
Michelmersh needed support.
Laying the foundations of recovery
Michelmersh turned to ABN AMRO Commercial Finance
to release cashflow from debtors and other assets.
Paving the path to prosperity
Michelmersh is enjoying the benefit of the upturn in the
UK construction sector, having established a successful
operational structure over five years of hard work.
Profitability has increased dramatically, and the cashflow
generated has put the Group in a net cash position that is
set to improve with further sales of surplus assets.
Recently Michelmersh’s products have been used in
high-profile projects such as the Brentford Lock West,
the award-winning ORTUS Learning Centre and the ITV
Studios at MediaCityUK.
Thanks to ongoing support from ABN AMRO Commercial
Finance, Michelmersh has recently been able to end its
account as it no longer has borrowing requirements.
Morgan concludes:
“ABN AMRO has always been supportive,
even when our business recovered to
the extent that we no longer needed
their services. I will have no hesitation
in reigniting our relationship if we need
finance in the future.”
“ The team always demonstrated a
willingness to find a solution to our funding
requirements. They were innovative in
identifying different arrangements for
the various assets we had available, and
were encouraging and flexible in putting
structures in place. Whilst the arrangements
were always properly secured, the
Commercial Finance team were fair and
measured in their suggestions.”
Stephen Morgan, Finance Director, on the decision
to work with ABN AMRO Commercial Finance.
The arrangements implemented in 2008 were flexible
and were adjusted to reflect changes in the business,
such as the gradual reduction in borrowing that
accompanied improvement in its trading performance.
ABL provides an extremely
valuable short-term solution for
businesses experiencing financial
pressure and helps create real
success stories. One such example
is Michelmersh.
“We are really pleased that leading brickmaker
Michelmersh has gone from strength to strength, and no
longer has borrowing requirements. They leave us with
our congratulations and very best wishes for the future.” Peter Ewen, Managing Director

20. We pride ourselves on customer
excellence and our focus on their
changing needs. We are dedicated
to improving our service, which is
measured annually in a
satisfaction survey.
Using the globally acknowledged
benchmark of a Net Promoter Score,
we achieved +73 in 2015 – a significant
increase from +40 in 2014. Proof once
again, that our clients actively value
our service.
But don’t just take our word for it...
client
testimonials
“ABN AMRO Commercial Finance has allowed our company
to expand in such a way that exceeded our original business
plans. We have begun to increase assets to support our
rapidly growing Plant Hire division based in Stansted, Essex,
which simply wouldn’t have been possible without the
support of ABN AMRO.”
Ben Haines
Managing Director, Green Build Environmental
“What distinguished ABN AMRO Commercial Finance was
their early understanding of exactly what it was we were
seeking to achieve. A number of funders showed significant
interest, but we felt from the beginning that they lacked the
insight shown by the ABN AMRO team.”
Peter Smith
Chairman, TIA Treadsetter
“Right from the start, I was impressed with ABN AMRO’s
willingness to truly understand the needs of my business –
a characteristic that has never diminished over the years.
In contrast to the attitude of my bank, ABN AMRO Commercial
Finance has consistently treated me as a valued client.”
Barry Seaman
Owner, Richmond Caterers
“I’ve found the team at ABN AMRO to be very helpful and
flexible around our commercial needs. For example, we have
been growing our sales with a particular customer and we
needed an increase in our concentration limit to maintain
funding, ABN AMRO was able to approve an increase in the
limit within a fortnight.”
Manish Mandavia
Financial Director, Donatantonio

21. partner
testimonials
“Given the new environment, modern Asset Based Lending
with a reputable lender (such as ABN AMRO) should be high
on the list of potential solutions for any trading business
seeking finance. The focus on the current assets of a
business and leveraging on these assets can often provide
funding lines in excess of other, more traditional forms of
finance, such as the overdraft, which often focus more on the
profitability and cashflow of the business.”
Richard Brier
Isaacs Business Finance Ltd
“ABN AMRO Commercial Finance has always been one of
the most knowledgeable and experienced ABL houses in
interpreting, quickly reacting to and working creatively to
accommodate the complexity and nuances of this type of
funding structure.”
Dave Edwards
Litmus Advisory
“The team at ABN AMRO Commercial Finance is extremely
knowledgeable about the various ABL products and how they
can benefit businesses in numerous sectors. The experience
they posses means that they can quickly identify the right
solution to help the individual business needs and if they
can’t, they will be just as quick to come back with an honest,
down-to-earth appraisal.”
Pete Bracey
Bracey Accountants
“I wouldn’t hesitate to recommend ABN AMRO
Commercial Finance – they really care about your clients’
needs and understand the needs of the adviser, and have
a huge amount of experience in providing creative funding
solutions that work.”
Matt Evans
CEO, Essendon Capital Ltd
“When advising our clients we often come across situations
where traditional forms of finance are not practical, but
invoice financing might be. We are always confident in
recommending ABN as they are able to explain the benefits
of the product in a way that clients understand, as well as
coming up with flexible solutions at competitive prices, and
providing a good, responsive service.”
Peter Hedgethorne
Plus Accounting
“The team at ABN AMRO Commercial Finance is amongst
the most experienced and knowledgeable in the industry.
For me they stand head and shoulders above the ever-growing
independent market, earning their place with a professional
approach that delivers a fast and informed assessment that’s
both consistent and utterly reliable.”
Odhran Dodd
CBW

22. Our ABL solutions
Ongoing working capital and growth solutions
Receivables
Finance
Invoice Discounting
Revolving funds needed to drive
business forward without waiting
30/60/90 days.
Factoring
This reduces in-house headcount and takes away stress by including credit control
to decrease late payment and allowing the business to focus on growth strategy.
This is often offered on a confidential basis to firms with a
well-established in-house sales ledger management team.
of overall ABL funding
is often made up of
Receivables Finance.
90%of invoiced value can be received up front.
The remaining balance is received upon
payment, minus fee – providing instant
access to working capital.
up toup to
60%
Bad Debt Protection An optional extra to either form of Receivables Finance to provide peace of mind and protection against customer insolvency.

23. Growth acceleration and transactional support
Revolving
Inventory
Funding against stock/inventory levels,
usually secured by floating charge.
Fixed-Term Loans
This funding utilises plant and machinery or
property based on an independent assessment
of value on the open market within 3-6 months.
on raw materials.
30%
up to
on plant
machinery.
80%
up to
on property.
60%up to
on finished goods.
50%
up to
Top-Up Loans A variety of loans including the government-backed Enterprise Finance Guarantee and Cashflow loans can enable
the necessary funding required.

24. Are you a
B2B company?
or
Are you free from
staged payments or
highly-contracted
relationships?
Is the risk of
dispute low?
Do you bill post
completion?
no
yes
no
yes
no
yes
no
yes
Is ABL right for me?

25. or
no
yes
no
yes
Is your business
being held back
by a lack of
short/long-term
working capital?
Has your business
identified a growth
or transitional
opportunity – such
as an acquisition?
0800 274 0702
abnamrocomfin.com/contact-us
Investigate the
right funding for
your business
Contact us today to learn how Asset Based Lending
from ABN AMRO Commercial Finance can help
your business achieve its ambitions in 2016.
no
yes
Does your
business need
to refinance
from existing
restrictive funding
solutions?

26. At ABN AMRO Commercial Finance we see ourselves
as partners – providing much more than finance.
If you would like to discuss your business challenges
with a member of our team, contact us today.
0800 274 0702
abnamrocomfin.com/contact-us
Connect with us:
@abnamrocommfin ABN AMRO Commercial Finance www.abnamrocomfin.com/gbr