News
Cavendish advises on refinancing for Alivini
12 August 2009Cavendish Corporate Finance is pleased to announce it has closed the refinancing of Alivini, the UK's leading importer of quality Italian food and wine.
The appreciation of the Euro during 2008 meant that Alivini had recently suffered an extraordinary charge against profits. In response, and together with its strategic advisors, Eurofin International Limited, Alivini developed a restructuring plan to capitalise on the underlying strengths of the business.
Cavendish negotiated with the Company's bank to ensure that adequate time was available to implement the strategic plan and identified a number of funding opportunities. Within an accelerated timescale, Cavendish sourced and negotiated a new loan package that refinanced the incumbent lender and provided additional working capital, as well as assisting Alivini in maintaining support from its suppliers.
[Simon Ramery], the partner who led the transaction commented:
"We are delighted to assist a long established Company with its financing needs in a difficult economic climate. The closing of the deal demonstrates that with the right advice and assistance good companies are able to access new capital, even in challenging market conditions."
Tony Pirozzi, Managing Director of Alivini, commented:
"This is an unprecedented banking crisis and mainstream banks have been reluctant to support medium sized UK businesses. Alivini, with an enviable history and a proven business model, was able to secure the necessary support by utilising the services of Cavendish who had the required knowledge and experience to add to the logistics and market skills of Alivini's Directors and staff."