Stevens & Bolton LLP acted for Kia UK Limited (KMUK) on its £45 million refinancing for 140 dealers by Santander Consumer (UK) plc.
Previous financing was provided by GE Commercial Distribution Finance Limited who agreed to dispose of the Kia financing program as part of a larger transaction under which GE sold its UK and German consumer finance businesses to Santander and acquired Santander's Italian commercial bank, Interbanca.
The S&B team comprised Beverley Flynn (Commercial), Jonathan Porteous and Joe Bedford (Finance) and Paul Lambdin (Employment). Shoosmiths (Lynn Knight, Mark Shepherd and Helen Derbyshire) acted for Santander. GE was advised in-house (Simon Ramage)
KMUK managing director Paul Philpott commented “We would like to thank S&B for driving the process through to completion in tight timescales. This is a good outcome for all parties in the current economic climate .”