Global law firm Clyde & Co has advised ThinCats on its refinancing of marine services firm Marine and Towage Services Group Ltd (MTS).

ThinCats provides bespoke business funding solutions to UK SMEs. It has arranged a £5m refinancing package to MTS, which provides coastal and ocean towage services and support for the marine civil engineering and renewables sectors, and which owns a fleet of 16 multi-purpose tugs and other vessels that operate globally. ThinCats had been approached to provide a refinance package to support the further growth of the business following the acquisition of a majority stake in July 2020 by Cable Capital Partners.

Clyde & Co advised on all aspects of the transaction, including the specialist ship mortgage aspects of the financing. The Clyde & Co team was led by Partner Dean Gormley with the support of Consultant Dan Tindall (Ship Finance), Senior Associate Hayley Johnson (Banking and Finance) and Associates Nick Block (Ship Finance) and Sam Lowerson (Banking and Finance).