SIA Group completed what can only be described as a unique collateral due diligence assignment in support of Arbuthnot Commercial ABL’s £5m funding line for Morris Angel & Son Limited (“Angels”), the longest-established costumiers in the world.
A family-run business, now in its seventh generation, Angels has created garments for everything from Bond, Star Wars, Pirates of the Caribbean and Harry Potter to Downton Abbey, Poldark, Peaky Blinders and The Crown.
“Our 160,000-square-foot warehouse at Hendon has over one million unique items, spanning eight and a half miles of hanging costumes. We were very impressed by the speed and professionalism that SIA Group demonstrated in producing their detailed report to meet the timeframe required.”
Tim Angel OBE, CEO of Angels, said: “Banks like lending against assets such as property, which they know and understand but find it hard to get their heads around stock, particularly where the assets happen to be unique, as is the case with our business. Our 160,000-square-foot warehouse at Hendon has over one million unique items, spanning eight and a half miles of hanging costumes, so we appreciate the sheer scale involved in this inventory-led valuation assignment. As such, we were very impressed by the speed and professionalism that SIA Group has shown in producing their detailed report to meet the timeframe required.”
Tim Hawkins, Managing Director at Arbuthnot Commercial ABL, commented: “Many thanks to the team at SIA Group for their responsiveness, quality and care in undertaking such a complex and challenging assignment. SIA applied their substantial experience and intelligent methodical approach towards the assessment of the value of the inventory assets. The clarity of the final collateral due diligence report was instrumental to the quantum of funding provided. We are particularly delighted to have been given this opportunity to play our part in backing a successful family-owned British business. Having supplied costumes to films which have collectively been awarded 37 Best Costume Oscars and with the largest collection of period costumes in the world, Angels has a globally unique market position, an outstanding legacy and an exciting future.”
Paul Craig, Managing Director, SIA Group, added: “It was exciting and rewarding to work on such a distinctly different and fascinating collateral due diligence assignment. Not only was the size and scale of the asset base a challenge, but also the unique nature of the assets themselves. Once again, we have worked diligently and at pace to provide a dependable and accurate foundation for an informed lending decision to be made.”