Pinsent Masons advises B&S Group on securing £85 million ABL facilities

20 Dec 2017 | 09:13 am | 1 min. read

International law firm Pinsent Masons has advised B&S Group (B&S), the family-owned integrated pharmaceuticals supply and distribution business, on securing £85 million in asset-based lending (ABL) facilities from a three-bank club led by HSBC Invoice Finance and including Lloyds Bank and BNP Paribas Commercial Finance.

The new ABL facilities will be used to refinance B&S’s existing ABL facilities and support the growth of the business. B&S was advised on the refinancing by KPMG LLP.

Established in 1999, B&S has grown from a two-person business to turnover of £247m in 2017. B&S is headquartered in Perivale, West London, and employs over 500 people. As the UK’s largest parallel importer of pharmaceuticals and the UK’s largest short-line generic pharmaceuticals supplier, B&S supplies more than 4,000 pharmacies across the country.

Prash Patel, B&S’s Chief Financial Officer, said: “B&S is a well controlled disciplined business underpinned by strong family values, and our new ABL facilities provide us with a secure and flexible source of capital to support our operations and strategy going forward. The transaction was made possible by a supportive banking club, and we are grateful for the hard work and close support of our advisers KPMG LLP and Pinsent Masons LLP in helping us to negotiate a deal on competitive terms.”

Edward Sunderland, Structured Finance Partner at Pinsent Masons LLP, said: “This was our first transaction with B&S, who appointed us following a competitive process due to our firm wide expertise in both ABL financing and complex Pharmaceutical sector knowledge. We look forward to supporting them in their future growth plans.”

Marc Finer, Director, KPMG LLP, who leads KPMG’s debt advice on ABL transactions, added: “The terms of the deal, which saw several operating improvements to B&S’s previous ABL facilities, reflect strong lending appetite among ABL lenders for new deals. The smooth execution of a three-bank deal, which included B&S bringing a new lender into its business alongside two incumbent financiers, demonstrates the maturity of the ABL market.”

Latest press releases

Show me all press releases

Pinsent Masons advises NTR plc on 54MW portfolio of co-located solar and battery storage projects in Ireland

Multinational law firm Pinsent Masons has advised NTR PLC on the acquisition of a 54MW portfolio of co-located solar and battery storage projects in County Wexford, Ireland, from renewable energy developer RES.

Pinsent Masons advises on Four Seasons Care Homes portfolio migration

Multinational law firm Pinsent Masons has advised propco investor LDC Care Homes and its asset and investment manager Elevation Advisors on the migration of a care homes portfolio from Four Seasons Health Care Group (FSHC) to new operators.

Pinsent Masons advises Teva Pharmaceuticals on €84m sale of its consumer healthcare brand portfolio to Karo Pharma AB.

Multinational law firm Pinsent Masons has advised Teva Pharmaceuticals’ subsidiary, Actavis Group PTC, on the successful €84m sale of a suite of consumer healthcare products to Karo Pharma AB (Karo).

People who viewed this press release also viewed

Show me all press releases

Pinsent Masons advises NTR plc on 54MW portfolio of co-located solar and battery storage projects in Ireland

Multinational law firm Pinsent Masons has advised NTR PLC on the acquisition of a 54MW portfolio of co-located solar and battery storage projects in County Wexford, Ireland, from renewable energy developer RES.

Pinsent Masons appointed to UK Government Trade Law Panel

Multinational law firm Pinsent Masons has been appointed to the UK Government's new Trade Law Panel in an international consortium with BakerHostetler in the USA, and Fasken in Canada, to advise on international trade law disputes.

Pinsent Masons advises on Sustainability Bond issued by Aster Group

Multinational law firm Pinsent Masons has advised the joint lead managers in relation to a £250m sustainability bond issued by Aster Group to develop new affordable homes.

For all media enquiries, including arranging an interview with one of our spokespeople, please contact the press office on

+44 (0)20 7418 8199 or 

Location contacts