Tech firms bag £5.9m funding boost

Two Coalville-based companies have been awarded seven-figure funding facilities by ThinCats, the alternative lender to mid-sized SMEs.

The Ashby firm has provided a total of £5.9 million to payment solutions business Secure Retail and mobile virtual network operator Mobius Networks, both of which are backed NVM Private Equity.

The funding will refinance NVM and management loan notes issued when NVM supported MBOs for both businesses in September 2019.

Kenny Hughes and Kevin Steven led the ThinCats team for both transactions, while Andy Leach led the team at NVM Private Equity.

Leach, an investment partner at NVM, said: “We started working with ThinCats last year and have been delighted with the debt solutions that they created for each of the businesses. As an alternative lender, they bring a fresh perspective to funding PE backed transactions. Kenny, Kevin and the rest of the ThinCats team understand what we are looking for from a funding partner and I look forward to working together on future deals.”

Hughes, director of private equity business development at ThinCats, added: “We are keen to support ambitious mid-sized businesses like Secure and MNL, particularly when our funding sits alongside private equity investment.

“Following increasing demand from lower mid-market PE houses, we have created a specialist team of origination and credit experts dedicated to supporting PE backed businesses, so we were delighted to help Andy and the NVM team with these transactions. We wish them and the businesses that we have supported, every success for the future.”