Restructuring and insolvency lawyers at Shoosmiths have played a key role in a bank’s purchase of another’s asset finance business.

Aldermore Bank acquired the business and assets of Heritable Asset Finance from its administrators.

The national law firm spent several months advising Aldermore on the deal, which will boost its own asset finance operation.

Birmingham-based Shoosmiths partner and national head of restructuring and insolvency James Keates and associate Charles Williams led and completed the transaction.

Mr Keates said: “This was a detailed and quite complex deal to guide our client through, not least because it involved an immediate integration of one asset finance operation into another.”

Based in Peterborough, Aldermore provides specialist financial solutions to UK businesses and savers, and its asset finance operation helps businesses grow and manage their cashflow. It is also one of the leading providers of asset finance to the coin-operated amusement machine sector.

Heritable Asset Finance, established in 2005 as part of 133-year-old Heritable Bank, collapsed in October 2008.