Putting together an accounts receivable facility for a niche oil bunkering business was challenging, and COVID-19 didn’t help. But Andy Pickford of FRP speaking to the ICAEW Corporate Finance Faculty says there was still appetite for the deal.

What is the deal?

The $10m asset-based lending facility from BREAL Zeta Commercial Finance for fast-growing marine fuelling business Sonan Bunkers, which was completed in April 2020. Sonan was founded in 2014 by oil industry veteran Graham Furse and it provides physical refuelling services to commercial marine vessels from its base in Rotterdam. Sonan’s turnover has grown to about $150m in the past six years. It also offers a global broking and trading service for shipping clients from its offices in London, Rio de Janeiro, Athens, Singapore, Oslo and Rotterdam.

About the article

Read the full article in the Corporate Financier June 2020 edition. Access this magazine as well as our extensive archive brought to you by the ICAEW Corporate Finance Faculty.