Gateley advises on Asda loans deal

Law firm Gateley has advised lending platform Freedom Finance on its joint venture with Asda Money.

The deal sees both businesses launch a market-first loans offer, Asda Personal Loans. The service will allow Asda’s customers to access affordable finance. The joint venture will use Freedom Finance’s financial technology platform to search a panel of trusted lenders.

A team from Gateley’s Leeds and Birmingham offices, led by Corporate partner David Armitage advised on the deal. The team included partner Philip Alton and consultant Robert Rosenberg.

Mr Armitage said: “This is a pioneering move for both Freedom Finance and Asda Money, which enhances both businesses’ offering to the market.

“I am confident that this collaboration will be very successful and we look forward to working with Freedom Finance in its future growth.”

Brian Brodie, chief executive of Freedom Finance, said: “This is the first time a panel-based lending approach has been applied to a UK retail loan offering. It widens the market space for ASDA Money.

“This joint venture will significantly increase the number of personal loan approvals that ASDA Money will be able to provide to its 19 million-strong customer base.”