PRESS RELEASE
BANK LEUMI (UK) PLC
BANK LEUMI (UK) PROVIDES
£15M DEVELOPMENT FUNDING PACKAGE TO LNT GROUP
London
12th November 2009
Leeds-based LNT Group has secured significant development funding from Bank Leumi’s UK division which will see a £15m rolling facility support its newly formed subsidiary company Ideal Care Homes.
Ideal Care Homes will manage a range of care homes which will be designed, developed and built by sister company LNT Construction. With substantial growth aspirations, the company will operate largely in the North and Midlands. Brackenfield Hall, a 60 bed care home in Frecheville, Sheffield, will be the first care home to open later next month.
Having been introduced to the opportunity by Leeds-based solicitor’s, Cobbetts, Bank Leumi (UK) acted swiftly, finalising the deal in just seven days. Additionally, their package will sit alongside long-term financing from RBS, once all care homes are fully operational.
Founded by the current Chairman, Lawrence Tomlinson, in 1990 the LNT Group operates nine core companies across a range of sectors including healthcare, construction, and engineering. The group's construction division, LNT Construction acquires prime locations and develops them to the highest standard with en-suite accommodation including facilities such as shower wet rooms, 20” flat screen TV, mini fridge, telephone and internet facilities. The company builds between 700 and 1,000 beds per annum across a mix of buildings for sale to Ideal Care Homes and third party operators.
LNT Group Chairman Lawrence Tomlinson said: “At a time when many funders are unwilling to lend I was very impressed with how fast Bank Leumi progressed the deal. The development facility will significantly aid Ideal Care Homes growth over the coming year as we aim to expand care provision to an increasingly ageing population. I look forward to a long and productive relationship with Bank Leumi.”
Meanwhile Steve Cooper, Bank Leumi (UK) Regional Manager covering the North East region, acknowledged the particular challenges in completing this deal: “There was a real need to act quickly and terrific teamwork throughout Bank Leumi (UK)’s various departments, including direct involvement by our CEO, Lawrence M Weiss, and Head of Corporate Banking, Collin Cumberland, allowed this deal to progress in record time. In addition, it was vital that we worked collaboratively with the client’s existing bankers so that a practical working partnership could be forged between the two banks which would support the client’s future growth ambitions.” He added: “LNT Group has a great reputation for successful development across the region and we look forward to supporting them as they continue their growth strategy.”
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Notes to Editors:
Bank Leumi (UK) plc provides financial services to UK and International clients through its Head Office in London, Offshore Banking and Trust subsidiaries in Jersey, and its Asset Based Lending subsidiary in Brighton.
The Bank’s main areas of activity include trade finance, with a particular expertise in financing cross border trading, commodity finance, financing trade with Israel; commercial and residential property finance in the UK.
The Bank also specialises in UK and International Private Banking and Wealth Management. Private Banking Relationship Managers offer advisory investment services as well as an extensive choice of deposits and investment accounts including structured products. Working closely with the Bank’s Treasury Department, services such as foreign exchange, money market and derivatives for hedging purposes are also provided.
Through its Brighton-based subsidiary, Leumi ABL Limited, clients have access to a full range of asset-based lending products. Leumi ABL has been awarded ‘UK Asset Based Lender of the Year – 2009’ by ACQ Finance. Leumi ABL’s products, which include Factoring, Invoice Discounting, Stock Finance, Plant & Machinery Finance and Bad Debt Protection, are designed to provide complete working capital solutions. When combined with Trade Finance and Property Finance available through the Bank itself a complete funding package can be tailored to suit clients’ needs.
Bank Leumi (UK) is a subsidiary of the Bank Leumi le-Israel Group which has assets in excess of $60 billion. The Group has a dominant share of the domestic Israeli banking market and the largest overseas network of any Israeli bank, with more than 50 offices in 20 countries around the world.
Bank Leumi (UK) continues its policy of ‘Relationship Banking’ aiming to provide all of its customers with the highest quality service.
Bank Leumi (UK) plc is authorised and regulated by the Financial Services Authority.
www.bankleumi.co.uk
Press enquiries to Gill Hall: gill@boxtreemarketing.co.uk
