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Authors: Richard Scicluna and Chris Sood-Nicholls, Relationship DirectorsPublication date: 01.08.2010
Despite the current fiscal pressures facing the UK government, the potential market for government outsourcing continues to be valued at £180bn, so it’s clear that everyone with an interest in the sector will be watching developments at Westminster closely.
The public deficit is a key talking point. However, the business services sector can still play a major role in reducing this through the efficient application of outsourcing and change management solutions. We are working with clients to ensure they have the right financial and funding structures in place to be able to react quickly and effectively in this ever-changing environment.
As part of that, and in line with the wider corporate market, we've seen a reduction in the reliance on bank finance as service providers look elsewhere for their capital requirements, such as the public sterling bond market – an area that we know very well.
An attractive option for investors
As well as exhibiting strong growth characteristics, the sector also proves to be resilient during periods of downturn, a key factor in attracting credit. This is driven by the long-term contract nature of the industry and the visibility and certainty that this carries, meaning investor appetite can be more readily tapped into.
Against this backdrop, we have advised on a number of recent strategic financings, ranging from inaugural bond issues to M&As (as evidenced with the recent flurry of activity), alongside numerous core re-financings.
Complementing this, we have also implemented a number of successful strategic risk management structures.
Sector experience and credentials
Richard Scicluna: ‘Having rejoined Lloyds from Deutsche Bank four years ago, I have found that my continued focus on the business services sector, and the depth of relationships I have been able to develop, has allowed me to build strong sector insight. This is evidenced by the lead roles the bank has taken in many of the sector’s most defining transactions.’
Chris Sood-Nicholls: ‘I have worked for Lloyds Banking Group for 11 years, initially in Lloyds’s international businesses, including Tokyo, Geneva and Madrid. I joined the team in London in 2005, covering clients in the aerospace and defence sectors, and I’m now responsible for the business and support services sector, which includes coverage of distribution, vending, intermediaries, business travel, food services, facilities management and specialist engineering businesses. Business and support services remain a broad and growing sector and a key engine of growth in the UK economy, and I’m proud to serve our clients’ growing needs.’
Our relationship-led approach, plus the specialist focus on specific sectors, means we can take time to understand the issues facing our clients, and develop mutually supportive and sustainable long-term partnerships that support their objectives, ultimately helping them to prosper through the economic cycle.
Source: This article was first published in Lloyds Banking Group - Perspective Magazine Edition 2.