Trai ▪ ler operator
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signs 50m deal
• Trailer rental operator TIP Europe has signed a £50 million multiple option financing facility with 16 banks from the UK, Europe, Japan and the Middle East.
The facility, which gives the company a loan of credit at lower interest rates than a normal bank loan, will be used "for the refinancing of existing debt and the further growth of the company," says marketing manager Christian Patricot.
But he would not say whether the loan would be used to finance a bid for Trailerent, which has been put on the market by Mercantile Credit.
Meanwhile, the closing date for initial offers for the Trailerent business is 4 September and Jim McGovern, one of the four directors on the management buyout team in the running to become the new owners, expressed "no concern whatsoever" over the news of T1P's loan.