Land Rover wins debt lifeline
Jaguar Land Rover (JLR) has secured a £75m finance lifeline by mortgaging its stock of Land Rover parts.
Burdale Financial, Bank of Ireland’s finance division, has granted a three-year debt facility of up to £75m to the carmaker, which is owned by Tata Motors, of India.
The loan is secured on the inventory of Land Rover’s parts and accessories businesses in the UK and US, as well as its receivables.
Tata has been looking to refinance since taking out a $3bn (£1.8bn) loan to buy JLR from Ford last year.