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Litmus becomes FRP Debt Advisory

Dave Edwards, Nick Grainger and Andy Dimmock, Partners at FRP Advisory specialising in debt advisory services, are now operating as FRP Debt Advisory as part of the full integration of Litmus Advisory within the FRP Advisory partnership of business advisory services.

The launch of FRP Debt Advisory coincides with the appointment of Andy Pickford to the team as a Director based in the firm's Manchester office, as a response to client demand for debt advisory services from companies and private equity groups both in Manchester and across the wider North-West and North of England regions.

The formation of FRP Debt Advisory ensures the continuation of hands-on, senior advice from the founding partners of Litmus Advisory, Dave Edwards, Nick Grainger and Andy Dimmock, who joined FRP Advisory as partners based in the firm's London office at the start of 2016. They will continue to provide advice for a range of borrowers across the UK, US and other leading western European countries on the structuring of asset based lending debt facilities.

Andy Pickford joins FRP Debt Advisory as a director based in the firm's Manchester office and brings more than 25 years of banking and specialist lending experience. Andy joins from RBS in Manchester where he has spent the past 11 years, the most recent six as director of origination in RBS Asset Based Lending. Andy had a prior 17 year career with HSBC, including seven years in HSBC's Invoice Finance division.

Dave Edwards, Partner at FRP Advisory and Managing Director of FRP Debt Advisory, said: "The change of name to FRP Debt Advisory is the natural next step for the team after nearly two years of providing a seamless service of debt advisory work since we joined FRP Advisory as partners. We welcome the arrival of Andy Pickford as director - he provides our first permanent Manchester presence for the debt advisory team. For our clients it remains more than business as usual, as we look to follow their needs nationally, sourcing both asset based lending and other structured finance solutions to help with their expansion plans. We will continue our mantra of 'Delivering Certainty in Asset Based Lending', and so our proven approach as Litmus will not change as a result of the adoption of the FRP Advisory brand, and indeed with the addition of our first ever director outside London, we are adding to our reach and capability in the debt advisory space.

Litmus was formed in 2004 and since then has built an enviable reputation in debt advisory, specialising in arranging asset based lending facilities for sophisticated borrowers. Since its acquisition by FRP Advisory LLP in January 2016, the debt advisory team has worked on mandates in excess of £600million of aggregate lending value – our highest ever run-rate. We have successfully placed business across the ABL community and more widely into banks, private debt funds and other specialist lenders, with facility sizes ranging from under £5million to in excess of £100million."

Geoff Rowley, Partner at FRP Advisory said: "The cementing of FRP Debt Advisory within the partnership is part of the firm's diversification of independent business advisory services. At FRP Advisory we continue to offer core restructuring advisory services, but more recently have expanded into corporate finance, forensic services, pensions advisory and debt advisory. Dave, Nick and Andy have continued to offer the same hands-on time-efficient debt advisory services as part of the FRP Advisory family since they joined as Litmus Advisory nearly two years ago."

Russell Cash, Manchester-based partner at FRP Advisory added: "The arrival of Andy Pickford to Manchester mirrors the growth of the firm more generally in both Manchester, the wider north-west and across the Pennines into Yorkshire and the north-east."

Award Winning Deal Execution

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£5,000,000 Sponsor Owned Maritime Supplies Refinance
£110,000,000 Major Privately Owned Recruitment Refinance
£4,000,000 Owner Managed 
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£26,500,000 Sponsor Owned Recruitment Refinance
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