Wright Hassall LLP advised HWSIL Finance Co Ltd, a wholly-owned subsidiary of Hadrian’s Wall Secured Investments Limited (HWSIL), a main market London Stock Exchange-listed investment company - on a £5 million lending deal to XL Cars.
HWSIL has entered the lending market as an alternative to the mainstream banks. The lender has raised an initial £80 million through a share offering to investors and has a particular focus on financing UK SMEs which are under-served by traditional lenders.
XL Cars, based in Kirton, Boston in Lincolnshire, specialises in the supply of short-term contract hire cars to businesses and corporate clients across the UK - usually for terms of between six and 12 months.
The company is to expand its fleet of executive cars and vans significantly having completed a deal which will see it financed by HWSIL over the next five years.
Christopher Jones, senior associate who led the transaction for Wright Hassall, said: “We are really pleased to have supported Hadrian’s Wall Capital - the Investment Adviser to HWSIL - in such a significant and innovative transaction.
“We were tasked with delivering a secured financing structure that gives XL Cars a high degree of operational flexibility, and we look forward to seeing the growth of its business that this financing will help XL Cars achieve”
"We’ve identified a gap in the market to lend to SMEs looking to take their businesses to the next level, through structured and flexible investments between £1 million and £10 million. This is the first investment deal we’ve completed, and the first deal we’ve worked on with Wright Hassall. They are a good fit for our legal needs and we look forward to working with them again in the future."
Ron Miao, COO - Hadrian's Wall Capital