Refinance for Ultimate Finance owner
Thu, 23rd October 2014

Refinance for Ultimate Finance owner

Inspired Capital, the owner of Bristol's Ultimate Finance, has boosted its debt facilities by almost £20m.

The listed company, which rebranded from Renovo in July, extended its £34m debt facility with Lloyds Banking Group to £50m.

It also agreed terms of a £3.5m debt finance facility with The Alphagen Volantis Fund Ltd and The Alphagen Volantis Catalyst Fund Ltd, which could be extended to £7m.

The funds are managed by Henderson Global Investors, Inspired's largest shareholder with a 26.6 per cent share in the company.

The restructure comes after the group posted a 25 per cent rise in client numbers as part of its interim results in July. It dealt with a total of 1,085 clients during the six months to 30 June 2014, compared with 870 for the same period last year.

It also said it had experienced "strong growth" in its tailored offerings for construction, trade and retail finance and as of 30 June, the group has provided £9m of funding into its small business finance subsidiaries in the Ultimate Finance group.

Chief executive Brian Cole said: "Our recently released interim results demonstrated the strong offering Inspired provides with innovative, flexible financial services for SMEs.

"Since that date we have continued to see good uptake of our products and lending, further validating our stated strategy. There are a number of sources of funding available to Inspired and we are delighted to announce today progress with our plans to both increase the amount of funds available as well as the sources available to us."

category South West  |  source Insider Media