BREAL Zeta fuels growth for Sonan Bunkers
BREAL Zeta Commercial Finance has structured a USD $10,000,000 export receivables finance facility to support the expansion of Sonan Bunkers (UK) Ltd. This transaction, which has an 18-month facility term, delivers more than double the quantum of Sonan’s previous finance facility.
Established in 2014 to handle in house shipping fleets together with third-party broking and trading, Sonan Bunkers (UK) Ltd is a bunker physical supplier in the ARA (Amsterdam-Rotterdam-Antwerp) region as well as an active worldwide trader. Since that time the business has grown to 6 offices in London, Rio de Janeiro, Athens, Singapore, Oslo and Rotterdam, with experienced brokers and traders covering the worldwide requirements of its clients. The business, which is experiencing substantial increases in both its turnover and profitability, has a robust business model which has meant consistent trading throughout a period of turbulent oil prices and global disruption caused by Covid-19.
Ben Milner, regional business development director, BREAL Zeta said: “We are absolutely delighted to support Sonan Bunkers with the optimal level of finance to drive its expansion. The platform to accelerate further profitable growth has been established and we look forward to supporting the business to achieve its future plans.”
He continued: “This is an excellent example of how BREAL Zeta is backing large, complex transactions and enabling businesses to secure opportunities for growth and strengthen their positions during times of continuing economic change.
This has been a great team effort, working closely with Sonan to meet deadlines in a difficult environment. We remain keen to assist with any urgent funding needs across asset based lending, adding cash flow loans as required, with overall lending lines from £2m to £150m, whilst maintaining necessary home-working for our team.”
The client was advised by Andy Pickford at FRP Advisory, who introduced the transaction to BREAL Zeta.