Things went according to plan, as the agreement between GE Capital and Jaguar Land Rover is finally official. JLR will be provided with a working capital facility of up to £170 million, available for a five-year term. The innovative way of financing JLR will apply on finished vehicle stocks between the points of production and onward sale to dealers.
“We are pleased that our funding plans have further progressed and welcome the confidence shown by GE Capital in the Jaguar Land Rover business,” said Ken Gregor, CFO Jaguar Land Rover.
GE Capital provides secured finance facilities to support small and mid-market customers. GE Capital’s services include asset-based lending, inventory finance, accounts receivable management, leasing, fleet services and corporate lending.
“Today’s deal is further evidence of our commitment to supporting important industries in the UK and Europe and finding funding solutions that are tailored to companies’ asset portfolio,” said Rich Laxer, EMEA President & CEO, GE Capital. “This is the first time that we are aware of in Europe, that a facility has been created to leverage this part of the distribution cycle and is demonstrative of how our pan-European asset and structuring expertise can truly benefit our customers.”