Prax Petroleum

Fund Raising

Watersheds has successfully completed a deal securing a bespoke documentary letters of credit facility, worth $16 million for its client Prax Petroleum Limited. Prax is one of the top independent importers, blenders and wholesalers of petroleum products in the UK. Headquartered in Weybridge Surrey, it is part of the State Oil Group of Companies.

Sanjeev Kumar, Managing Director of the State Oil Group, commented, “Structuring such a bespoke facility with a high street retail bank was very challenging and demanded focus and resolve. The tenacity and drive from Watersheds has been instrumental in getting us through the many hurdles we faced. Along with our exclusive facilities in Dagenham, this facility puts us in a stronger position to better service our customers and support our growth strategies”.

Simon Enticknap, Head of Sales, Trade Finance in Lloyds Banking Group added, “Prax Petroleum is a top performing business in a very tough industry. Its growth track record is very impressive and continues to get better and better. We are very pleased to support such a well managed business and we look forward to a long term and value adding relationship with the Company.”

Watersheds’ Director, Richard Buzzoni, said, “To succeed with this project required sheer determination against all odds. We are very pleased for Prax and look forward to the business increasing its footprint in the country. At a time when many lenders were not in the market, Lloyds Banking Group seized the opportunity to recognise and support a very good business model with great potential to grow. We are happy to have created the relationship between the bank and Prax Petroleum and look forward to its long term success.

At Watersheds, we remain focused on providing the financial structures and strategic advice needed by successful companies, whether in a tough financial environment or not”.

Mark Glenister of Thomas Cooper Law in London provided legal advice to Prax.

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For more information call us on Northampton 01604 660511 or Swindon 01793 719788 or Crawley 01293 804514