Lender part-funds MBO with £7.1m facility

Following Monday’s news that it is set to abandon its P2P platform, Ashby-based fintech lender ThinCats has agreed to provide one of the UK’s leading business telephony companies with a £7.1 million funding facility.

Hertfordshire-based Mobile Account Solutions (MAS) helps businesses reduce their telecommunication costs, providing mobile packages and unified communications solutions to more than 700 businesses across the UK.

The funding deal will part-fund a management buyout by MAS’ director of sales, Ben Page, and its new chairman Mark Bramley.

Phil Waters of Grant Thornton, who introduced MAS to ThinCats, provided financial information.

Kash Mogul, director of business development at ThinCats, said: “It was a pleasure to work with Phil and Ben on this transaction. MAS is a great business, with high barriers to entry, recurring and contracted income streams, a well diversified client base of high quality businesses and an excellent leadership team. These are key factors for us when shaping a cash flow loan such as this. We are delighted to be supporting MAS and wish every success to Ben and Mark as they lead the business through the next exciting stage in its development.”