Lloyds TSB helps MyHome clean up in the Franchise Market

Press release date: 1-dec-2007

Lloyds TSB Corporate Markets has provided funding for the Myhome Group’s acquisition of the ChipsAway chain of franchises that provide repairs to chipped or damaged vehicle bodywork. Working to a very tight schedule, the Lloyds TSB team successfully coordinated with all the different parties involved to ensure that the deal was delivered.

Brian Parsons, Relationship Director from Lloyds TSB explains: "We brought in our Fast Growth team, which specialises in funding companies based on future cash flow forecasts and the experience of the management. By working closely with our colleagues and the other brokers and lawyers involved in the deal we were able to drive the deal forward and ensure that the transaction was delivered in the limited time available."

Russell O'Connell, executive chairman of Myhome, adds: "Getting the deal done quickly was a priority. We were impressed with Lloyds TSB team when we first met them and very pleased that they were able to make sure the deal went through so smoothly."

Nadeem Sheikh, Relationship Director from Lloyds TSB's Fast Growth Team, concludes: "The acquisition of ChipsAway is a natural expansion for Myhome and a good indicator of how this successful sector is continuing to see massive growth. We were pleased to have supported Myhome on this deal and look forward to working with the company in the future."