Firtitudo secures £1 million to assist exit

Alternative finance provider ThinCats has provided £1 million in ‘agile finance facility’ funding for database for business limited (dbfb) and holding company Firtitudo Ltd.

The deal allowed the managing director of Firtitudo and (dbfb) to acquire the remaining 45 per cent of business communications company dbfb and the founder to exit.

Halfway through the transaction process, the business needed money to fund a large new order so they then structured a facility with ThinCats to include bullet repayments and fixing the repayment date to suit the business’s monthly cash flows.

The acquired company, database for business limited, provides organisations with secure connectivity and communications, incorporating landlines, cloud services and mobile. The growing business has offices in Northampton and Milton Keynes and a regional presence in the Midlands.

Managing director of dbfb Simon Pickering said, ‘As well as funding the share purchase, ThinCats ensured that we had increased transitional funding for growth, enabling us to take on the order swiftly and smoothly.’

Matthew Lawrence, loan origination manager at ThinCats said, ‘Simon and his team have a very clear roadmap for the business and we are delighted to be playing our part in supporting them to achieve their ambitions in creating a world-class technology platform for business growth.’

‘In this fast-moving, digitally-driven environment, businesses seeking to scale need lenders that possess the experience and short lines of communication to be able to pivot quickly. Our role is to create certainty of deal execution, even when events are changing dynamically around us.’

Within the next five years, an estimated one third of SME owners plan to retire, sell or pass on their businesses, according to Invenio Corporate Finance.

Last week ThinCats delivered capital growth financing to headquartered telecom solutions firm Calnex Solutions to enable an acquisition of JAR technologies and expansion of the two entities.