Inheritance lending business raises more than £18m to power its growth
Harrogate-based Tower Street Finance, an inheritance lending specialist, has successfully closed its latest funding round.
The round raised £18.2m of debt and equity, to fund growth through 2022. The total raised now stands at £36.2m.
2021 saw Tower Street Finance (TSF) secure relationships with leading practitioners in the probate sector, helping many customers and firms.
Additional funding has enabled the business to double its headcount in quarter four 2021 with key hires in Marketing, Business Development, Operations and Credit. This additional resource will ensure the company has the headcount to deliver its growth plans for the new year and beyond.
Tower Street Finance’s finance director, Jim Sisson, said: “We’re really pleased to have successfully closed this latest funding round.
“Funds raised will help accelerate our plans and meet our growth aspirations through the first half of 2022 and beyond. The additional funding demonstrates continued faith in the team, sector and our business plan.
“We are enormously grateful to our shareholders and debt-funders for their ongoing support.”
The money was raised from existing shareholders, including a London-based private equity and alternative credit fund provider. The TSF team was supported by DAC Beachcroft LLP, led by Chris Wall and Mike Pearce.
