Law firm Addleshaw Goddard said on Tuesday its banking team advised Manchester-based Co-op Group on the renewal of its £400 million banking facilities with a ground-breaking sustainable revolving credit facility.
“Already widely recognised for its commitment to responsible and ethical trading, this will see the retailer take advantage of beneficial terms on its banking facilities should they hit various sustainability targets on areas such as CO2 reduction or, if those targets aren’t achieved, Co-op will pay an agreed amount towards further sustainability projects,” said the law firm.
“This is the latest in a stream of work completed by the firm for Co-op, having advised it for almost 20 years, and been reappointed to its legal panel to provide full service advice to its food retail, funeral services, general insurer, legal services and other businesses last year.”
Richard Oman, banking partner at Addleshaw Goddard, said: “Addleshaw Goddard has a long standing close relationship with the Co-op and we are thrilled that after all of these years we’re still finding new and innovative ways to work together.
“The sustainability angle of this deal made it particularly interesting and timely, and I suspect we will start to see more of this type of work as the issue of how businesses can be more conscious of how their practices effect the environment becomes more topical.”
Simon Nuttall, Head of Tax, Treasury & Insurance at the Co-op said: “This is prime example of how our commitment to sustainability is being incorporated into every aspect of our business.”
Oman was assisted by Caroline Gray, Nick Parkin and Will Jepson.