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Goodman Derrick's specialist Collector Car team have advised Twin Spark Finance in relation to its joint venture arrangements with RM Sotheby's
Goodman Derrick’s specialist Collector Car team have advised Twin Spark Finance Limited in relation to its joint venture arrangements with RM Sotheby’s.
Twin Spark Finance Limited is a London-based company, recently established to provide a bespoke finance offering to qualifying High Net Worth collectors and collector car dealers in the UK. Twin Spark Finance is joining forces with RM Sotheby’s to offer tailored financing options using motor cars as collateral.
RM Sotheby’s is the world’s largest and leading auction house for investment-quality automobiles. With more than 35 years’ experience in the collector car industry, RM Sotheby’s vertically integrated range of services, from auctions and private sales, to estate planning and financial services, coupled with an expert team of approximately 30 car specialists and an international footprint, provide an unsurpassed level of service to the global collector car market. RM Sotheby’s maintains the largest balance sheet of any auction house in the industry, capable of financially supporting any transaction or requirement of immediate capitalization.
Karsten Le Blanc, founder and Managing Director of Twin Spark Finance Limited commented on the new partnership:
“Thus far we’ve observed a dearth of short-term financing options that address the need of qualifying collector car collectors and dealers in the UK, which is widely considered to be one of the world’s biggest collector car markets and home to some amazing collections as well as world-leading dealers. Twin Spark Finance Limited has designed a lending offering that addresses this perceived gap in the market. We’re delighted to do so in close partnership with RM Sotheby’s. The prospect of close collaboration and combining our resources with the leading global collector car auction house is incredibly exciting and something we relish.”
Kenneth Ahn, President of RM Sotheby’s added:
“Our partnership with Twin Spark expands the footprint and availability of our global financing solutions to the UK, with plans to expand into Continental Europe in the future. Through our partnership, we look forward to providing unmatched, tailored financing solutions to our clients in both auctions and private sales by leveraging our expertise and global resources, coupled with Karsten Le Blanc’s financial acumen, experience in the financial services industry, and passion for collector cars.”
The Goodman Derrick team was led by Partner Damen Bennion in relation to specialist car and commercial advice and by Partner Dominic Prentis in relation to the corporate aspects of the transaction. They were assisted by Richard Pull, Senior Corporate Associate.
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