PwC has further enhanced its market-leading Debt & Capital Advisory team with the appointment of Chris Hawes to lead its national Asset Based Lending (“ABL”) offering.
Chris brings 23 years of ABL expertise, building and leading ABL teams at ABN AMRO, NatWest, HSBC and, more recently, M&G. He has extensive experience in structuring and providing asset based facilities to corporates across multiple sectors in the UK, the US, Europe and Asia. Alongside this wealth of experience, he also brings long-standing trusted relationships with lenders and corporates.
Chris will join PwC’s Debt & Capital Advisory team, comprising 30 debt specialists based across the UK. His key focus will be to build on the already extensive ABL expertise of the Debt & Capital Advisory practice, helping private, listed and private equity-backed companies requiring working capital and asset based facilities.
Chris Hawes, Director, PwC Debt & Capital Advisory, said;
“I’m thrilled to be joining PwC, particularly given the momentum around asset based lending within PwC’s Deals business. We’re seeing first hand how borrowers and private equity are increasingly looking to ABL facilities as an alternative to traditional cash flow and leveraged facilities.”
PwC’s Debt & Capital Advisory team has seen demand for its services ramp up as borrowers look to optimise their financing strategy and navigate the increasingly diverse lender landscape. This includes more than 100 active debt funds, a significant number of independent ABL lenders and challenger banks, in addition to the traditional commercial lenders.
Richard Siddall, PwC Debt & Capital Advisory partner, said:
“It’s great to have someone of Chris’ calibre and expertise joining our team. Chris brings with him a significant amount of experience which will be a huge benefit to our clients who are trying to navigate an increasingly complex range of products and lenders in the market to ensure they secure the optimum outcome.
“We’ve already seen increasing demand for ABL as a financing solution for businesses, with the team having worked on ABL financing processes totalling close to £1 billion in the last two years. Our latest investment demonstrates our expectation that this trend will continue as the market recovers from the pandemic. The aerospace, automotive, manufacturing, construction and plant hire sectors are where activity could be particularly high.”
Chris’ appointment reflects the Business Restructuring Services practice’s dedicated investment in its teams, bolstering an already extensive practice of more than 600 debt advisory, financial restructuring, working capital and operational restructuring experts in every major city and region of the UK.
Ken Walsh, Head of Deals at PwC said,
“As the economy is emerging from the financial impact of the pandemic we are seeing a deals-led recovery and Chris’ arrival comes at a very important stage for our clients as they are looking to refinance existing facilities to create headroom to take advantage of the market opportunities. Corporates have found the flexibility offered by asset based lending particularly attractive as they are looking to fund top line growth.”
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