Burdale arranges £75m transatlantic funding package for Jaguar Land Rover
07/08/2009
Burdale Financial Limited announces the completion of a financing facility of up to £75 million for Land Rover. The package consists of a three-year committed facility to finance Land Rover’s Parts and Accessories’ inventories and receivables in the United Kingdom and the United States.
Land Rover's award-winning vehicles have global recognition. Land Rover produces the world's most versatile all-terrain vehicles, combining refined luxury with a true breadth of capability. It is estimated that around two-thirds of the Land Rovers ever manufactured are still in service and a key factor is the timely availability of genuine Land Rover parts globally.
Steven Chait, Head of New Business at Burdale commented: “We are pleased to provide Land Rover with a financing solution that will enable the continued development of its Parts businesses. The flexibility of Asset-Based Lending suits this particular transaction and, like Land Rover, Burdale values its strong reputation in a niche sector.”
Ken Gregor, CFO of Jaguar Land Rover, said: "Jaguar Land Rover is pleased to have concluded this facility which is an important element of our working capital financing arrangements.”
