SAM finances £16 million Mendip Treatment Centre 28/10/2004
Summit Asset Management
77.5% owned by Summit Group
In August, Summit Asset Management Limited (‘SAM’) in conjunction with its subsidiary Medical Equipment Solutions (‘MESL’) completed the £16 million facility for the Mendip Independent Sector Treatment Centre (‘ISTC’) situated in Shepton Mallet, Somerset which, when completed in mid 2005, will carry out 11,000 clinical procedures every year
The Mendip ISTC is one of 23 such contracts to be awarded by the Department of Health and designed to bring new working practices into the NHS and cut waiting lists. The contract was awarded to a consortium led by OR International and including the New-York- Presbyterian Hospital and W.S. Atkins.
SAM structured the transaction as a lease, the first time such a structure has been used for what started out as a conventional Public Private Partnership (‘PPP’) contract. Banc America Leasing Global Vendor Finance (‘Bank of America’) provided the head funding to SAM.
Neil Roberts, Managing Director of SAM, stated “setting up MESL earlier this year, bringing in Lynne Brooks and St John Brown’s specialist knowledge, allowed us to compete in the bidding process but SAM’s structuring allowed an elegant but less complex solution to be used”.
Clive Rendell, Principal at Bank of America added “As part of Global Vendor Finance’s strategy to increase our involvement in the UK medical finance market, were very pleased to work with SAM on this ground breaking transaction”.
For further information please contact:
Neil A.Roberts Summit Asset Management Ltd Tel: +44(0)1932 – 575888 Fax: +44(0)1932 – 575890 Lynne Brooks Medical Equipment Solutions Ltd Tel: +44(0)1932 – 575885 Fax: +44(0)1932 – 575890 Clive Rendell
Banc America Leasing Global Vendor Finance
Tel: +44(0)20 – 7174 6343
Fax: +44(0)20 – 7174 6474
Summit Asset Management Limited, a member of The Summit Group Limited, is a leading provider of innovative leasing and project finance solutions to the medical, technology and environmental sectors. Summit Asset Management’s products include operating leasing, shorter-term rental and asset financing for service based contracts.
Bank of America Corporation (NYSE: BAC) is one of the world’s leading financial services companies. The company’s Global Corporate and Investment Banking group (GCIB) provides investment banking, equity and debt capital raising, research, trading, risk management, treasury management and financial advisory services. Through offices in 35 countries, GCIB serves domestic and international corporations, institutional investors, financial institutions and government entities. Many of the company’s services to corporate and institutional clients are provided through its U.S. and UK subsidiaries. Banc of America Securities LLC and Banc of America Securities Limited. Issued and approves by Banc of America Securities Limited authorised and regulated by the Financial Services Authority. For additional information, visit www.bankofamerica.com.
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