Bibby Financial Services (BFS) has provided a car parts distributor with a £1.6m (€1.8m) asset based lending facility.

The facility to the Leacy Group partly facilitated the acquisition of distributor XPart, which provides parts for classic Rover and MG cars.

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BFS’s package, structured by Chris Farnworth, corporate manager, combined confidential invoice discounting, stock finance and foreign exchange services.

Ian Grubb, financial director at Leacy, said: “XPart is the original provider of MG and Rover car parts and the finance package we have agreed with BFS has enabled us to access working capital in order to acquire the business.

“Furthermore, the foreign exchange services available are an added benefit, enabling the business to effectively manage currency risk.

“The Corporate team at BFS got to know our business, what we were looking to achieve, and this enabled them to structure an ABL package that leveraged the businesses assets effectively, while protecting against currency risk.

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“Ultimately, it was BFS’s desire to understand our business, coupled with the speed of service, which led to the winning formula we now have in place.

Farnworth added: “The Leacy Group is a specialist and well respected manufacturer and distributor, with a bright future. To help fund the acquisition of XPart, Leacy needed to work with a funding partner that was both experienced and responsive.

“We worked hard to get to know the business, understand the ledger and were able to structure an ABL deal that leveraged all of the business’s assets.”