International law firm Pinsent Masons has advised Barclays on a £35m asset based financing deal for Costcutter Supermarkets Group.

The three year term of the refinancing will support both business growth and the current transition period following the announcement in March that Costcutter Supermarkets Group has entered a strategic partnership with Palmer and Harvey for buy and supply. This has seen the two companies launch a joint venture buying company, bring the 800 Mace, Your Store and Supershop stores into Costcutter Supermarkets Group, and sign an eight year wholesale distribution contract with Palmer and Harvey the UK’s largest food and drink wholesaler.

The Pinsent Masons team advising the Barclays Trade and Working Capital and Debt Finance teams on the deal was led by asset based lending partner Edward Sunderland, supported by Matthew Clayton-Stead and Naomi Gaston.

Commenting on the deal Edward Sunderland said: “We were delighted to support Barclays in putting together an innovative funding package for Costcutter. Working to meet a challenging timetable, we were able to assist our client in delivering what they had promised”