Clarion and Reward mark deal milestone
LAW firm Clarion has completed its 100th deal on behalf of Reward Capital.
The deal, which saw the acquisition of the assets and goodwill of Scunthorpe-based Westram by Modular Movements, marks 100 transactions since 2012 completed by Reward Capital with legal support provided by Clarion – representing a combined loan value of £35m.
The acquisition of Westram, a £9m turnover specialist haulage business, involved Leeds-based Reward providing a seven figure sum within short timescales.
The complex structure saw Leeds-based Clarion’s corporate finance team work around the clock in order to meet the deadline imposed by the nature of the transaction.
Dave Jones, partner at Reward Capital, said: “The Westram acquisition demonstrated yet again just how essential our close working relationship with Clarion is to completing time-critical transactions. The last two weeks alone has seen Reward complete eight transactions with total lending of £3m, and Clarion acted on all eight of the transactions.”
Jonathan Simms, partner at Clarion said: “Reward Capital is filling a vital gap by supporting small businesses in complex situations with funding including acquisition, refinance, cash flow, stock funding, asset purchase, bridging and turnaround.
“From a standing start at the beginning of 2012 we have seen things really take off working with Reward Capital. It was particularly pleasing that the eight deals completed over the last two weeks included the milestone 100th transaction,” he added.
Mr Jones added: “Working with Clarion to complete 100 of our deals in just over two years is a milestone that we can all be proud of. Together, we have been able to provide a viable funding alternative for SMEs, often giving them a life-line, but more frequently enabling them to maximize an opportunity that would otherwise have been missed.”