Commercial Spirits Intelligence

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Commercial Spirits Intelligence
Are the lenders closing the doors?

Are the lenders closing the doors?

Commercial Spirits Intelligence No.87

Duncan McFadzean's avatar
Duncan McFadzean
Mar 21, 2025
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Commercial Spirits Intelligence
Are the lenders closing the doors?
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black and silver door knob
Photo by Jason Dent on Unsplash

This newsletter is a collaboration between Duncan McFadzean of Noble & Co, and Martin Purvis. In this newsletter we leverage our experience, contacts and market intel to provide meaningful analysis that speaks to relevant issues for you.

Commercial Spirits Intelligence is a reader-supported publication. To receive full posts and support our work, consider becoming a paid subscriber.


Are the lenders closing the doors?

Introduction

Two years ago we reviewed the asset backed lending market (Commercial Spirits Intelligence No.7). This is a topic long overdue a refresh and this week we share our insights on where the markets are currently and how the banks see life. We explain how ABL works and why it has grown as an asset class for lenders. ABL has enabled a lot of distilleries to lay down stock years ahead of generating the revenue from that stock. As an appreciating asset class it carries an attractiveness for banks. But is the market coming to a close?

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