£16m finance deal completes with support of Midlands advisors
A £16m funding deal has successfully completed following advice from a Midlands law firm.
Leamington-based Wright Hassall was drafted in to advise on the deal, which has seen revenue-based finance provider Fleximize secure the £16.3m financing facility from Hadrian’s Wall Secured Investments (HWSIL), a specialised investment fund.
The initial round of funding will allow Fleximize to substantially increase its lending capacity, and propel it towards its goal of lending over £100m to SMEs by 2019.
It will also help the company further develop and diversify its product offering, based around a proprietary technology platform with the introduction of dedicated areas for brokers and direct clients.
Between 2015 and 2016, Fleximize grew its lending to SMEs by 132% to £40m, a figure the company is looking to double this year as it rolls out its new secured loan product.
The firm targets companies needing to borrow up to £250,000 on an unsecured basis, and up to £500,000 on a secured basis.
Peter Tuvey, co-founder and managing partner of Fleximize, said the firm’s typical clients were “hardworking and dedicated entrepreneurs driving the UK forward”.
He said: “It’s been an incredibly positive start to 2017 for Fleximize, with our lending to SMEs in all sectors growing at a substantial rate. It has been a pleasure working with Hadrian’s Wall Capital. We’ve valued their proactive and fast-paced approach to supporting us.”
Marc Bajer, chief executive at Hadrian’s Wall Capital and investment adviser to the fund, said: “We’ve been impressed by Fleximize’s growth over the past three years. It is rare to find such a focused and technology-enabled lender in the SME alternative finance sector.
“We were impressed with the commitment to transparency with its customers. We look forward to working closely with Peter and the team, and supporting the company on the next stage of its exciting journey.”
Wright Hassall acted for HWSIL Finance Co on the deal.
Christopher Jones, senior associate who led the transaction, said: “We are delighted to have acted again for HWSIL Finance Co on another major financing.”
