City round-up: Anexo; Together; Frenkel Topping
Anexo, the specialist integrated credit hire and legal services provider, with offices in Liverpool, Bolton and Leeds, said today that trading for the year to December 31, 2024, has been in line with board expectations.
It said Housing Disrepair and serious injury work continue to make an increasing contribution to the group’s overall performance against the backdrop of a solid performance across all divisions.
The group has continued its investment in diesel emissions legal claims, resulting in active claims against certain vehicle manufacturers, including Mercedes Benz, Vauxhall, BMW/Mini, Peugeot/Citroen and Renault/Nissan.
Investment by the group in emissions claims in FY 2024 totalled approximately £6.5m (FY 2023: £4.3m). The investment has created a solid and diverse case portfolio and, as previously reported, the group has secured claims against Mercedes Benz from approximately 12,000 clients, and a further 25,000 claims against certain other manufacturers.
Court proceedings have been issued for all cases. Although the timing of any negotiations remains uncertain, any potential settlement of these claims is expected to significantly enhance the group’s profitability and cashflows, while, importantly, also materially reducing its net debt.
Further hearings and conferences are scheduled to take place between March and July 2025.
As previously announced, in August 2024 the group completed on two new financing facilities, agreeing a £30m loan facility with Callodine Commercial Finance, of which £20m has been drawn to provide further headroom and to repay the £15m loan provided by Blazehill Capital. The group also completed on a £16m revolving credit facility with Lloyds Bank, which replaces the £10m facility previously provided by HSBC.
The group said it has significantly increased headroom with these new facilities, which have been secured until 2027.
In securing these new increases and extended facilities, the group incurred arrangement fees, exit costs and legal fees of £2m. The new agreements have resulted in significant savings in interest costs throughout the lifetime of the facilities.
Anexo, headed by executive chairman, Alan Sellers, said it expects to announce its audited final results for FY 2024 in May 2025.
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Together Financial Services has priced its £276.8 million residential mortgage backed securitisation. It has been supported by a portfolio of 2nd charge owner occupied and buy-to-let loans secured against residential property in England, Scotland and Wales. It refinances assets forming part of the group’s £387 million Wilmslow ABS facility and the Group’s senior secured notes. The new facility complements the group’s existing nine public residential and four commercial real estate securitisations, seven private securitisation facilities, senior secured notes and banking syndicate facility (RCF).
Gary Beckett, Group MD and Chief Treasury Officer at Together, commented: “We are delighted to announce the successful pricing of our first public RMBS this year as we continue to support more residential owner occupier and buy-to-let customers in realising their ambitions. Since the start of this calendar year, we have already successfully raised or refinanced over £1.87 billion across three transactions, as we continue to strengthen and diversify our funding programme to support our future growth strategy.”
BNP Paribas acted as Arrangers and Joint Lead Managers accompanied by HSBC, Santander and Wells Fargo as Joint Lead Managers.
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Frenkel Topping Charity
AIM listed Frenkel Topping, which provides financial and professional advice to accident victims, has agreed a partnership between its recently acquired Cardinal Management business and a new NHS Major Trauma Centre at Royal Stoke University Hospital. This, along with the addition to the NHS Trauma Centre it signed during the previous financial year at Sheffield Children’s Hospital, takes the total number of Major Trauma Centres supported by Cardinal to twelve.
Andrew Pemberton, Managing Director of Cardinal, said: “Following a comprehensive selection process, I am especially delighted we have been selected by University Hospitals of North Midlands NHS Trust to support their patients. This exciting development for the Major Trauma Signposting Partnership (MTSP) will enable NHS colleagues to facilitate additional support for patients at difficult times for them and their loved ones. We are looking forward to working with the team at the Major Trauma Centre in Stoke.”
