Crédit Agricole Commercial Finance Supplies Vital Funding

By Crdit Agricole Commercial Finance, PRNE
Monday, May 16, 2011

LONDON, May 17, 2011 - Crédit Agricole Commercial Finance, the UK receivables arm of Crédit
Agricole, has structured a GBP20,900,000 Confidential Invoice Discounting
facility, providing liquidity to a substantial rail services group.

The Vital Services Group was founded in Manchester in 1983 and has become
one of the largest suppliers of rail associated services and labour to
Network Rail and London Underground.

Vital needed to refinance when their bank was wound down by the Irish
Government. They appointed PKF LLP to assist them in finding a new lender to
both fund their working capital and to help grow the business in certain

Vital's Finance Director, Rob Johnson, explained why Crédit Agricole
Commercial Finance quickly emerged as the front runners: "Crédit Agricole's
team was very keen to do the deal and showed a good understanding of our
business. They were friendly, open and honest and listened to us. They were
also interested in a long term partnership, which was a very important

In spite of complications arising from an inter-creditor agreement,
Crédit Agricole Commercial Finance structured and delivered a GBP20,900,000
Confidential Invoice Discounting deal.

Jason Hiley, a Partner at PKF commented: "Crédit Agricole worked hard
to understand Vital Services Group's business and tailored a package which
dovetails with the Group's business process. The approach taken to
progressing the deal allowed Crédit Agricole to form a strong working
relationship with the board, providing a co-operative approach to overcome
issues arising in the course of the refinancing.

The structure of the funding line should allow the business to take
advantage of strengthening conditions in its core markets and is evidence
that, despite difficult economic conditions, there are still good funding
partners willing to finance the development and growth of companies with the
right business plan."

Mr. Johnson concluded: "Crédit Agricole Commercial Finance has
rationalised and stabilised the cash flow of the business enabling us to take
advantage of the strengthening conditions in our core markets."

"The deal will enable us to grow in 2011 and beyond, with the support of
a funder who understands our business and who has a willingness to commit the
additional working capital. This will allow us to expand our core businesses
and provide enhanced levels of service to our customers."

As a leading independent receivables finance specialist in the UK, Crédit
Agricole Commercial Finance provides facility levels from GBP500,000 up to
GBP50 million.

Michael Symes, Strand Financial Limited, Adam House, 7-10 Adam Street, Strand, London WC2N 6AA, t +44-(0)20-7520-9216 m +44-(0)7736-008270

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