Sceptre Leisure in £20m refinancing
SCEPTRE Leisure, the Lancashire-based fruit machine supplier, has agreed a £20m refinancing package with Chenavari Investment Managers.
The company, which manages around 20,000 machines, said the funding will support it through its next phase of growth and provide the team with the financial flexibility to develop the business.
Chenavari is a London-based asset manager with assets worth around £2.5bn under management.
Chief executive Ken Turner said: “We are delighted to be working with Chenavari’s UK private credit team at this exciting juncture of Sceptre’s growth.
“The flexible nature of the funding package, together with our ability to work with Chenavari’s senior decision makers throughout the deal process clearly set them apart as having a differentiated business model.
“With Chenavari’s support, Sceptre is in a strong position to continue to provide its first class service to its existing customer base and exploit further growth opportunities in the UK market.”
Jerry Wilson, who led the deal for Chenavari said: “It’s a privilege to have the opportunity to support a well-run UK business, with a very talented management team through its next phase of growth.
As well as fruit machines Sceptre operates the LotteryKing brand and Kelly’s Eye fundraising products. The Manchester office of Grant Thornton UK Corporate Finance team advised Sceptre.
