Secure Trust Bank’s Commercial Finance division has provided more than GBP70 million in funding to private equity-backed businesses in 2020
Despite the challenges faced across the sector in 2020, this figure reinforces Secure Trust Bank’s continued appetite to write new business and support existing clients. Of the GBP70 million of new facilities provided, GBP20 million related to CBILS and CLBILS support provided to existing PE-backed clients.
Key transactions across the country included a GBP7 million asset-based lending facility for Moda Furnishings, completed in October. The high-quality garden furniture provider, backed by Endless LLP, required funding to increase inventory and support cashflow, allowing the business to meet demand from its online shop and continue to expand.
Secure Trust Bank also provided a GBP5 million working capital facility to support Rcapital’s December acquisition of local newspaper publisher Archant. The deal, which was approved in just one week thanks to the bank’s unique credit committee, has provided the Norwich-based business with greater stability across its 140 local, regional and national brands.
Source: Private Equity Wire
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