Alternative lender ThinCats is to lend over £300 million to growing UK businesses via a new fund.
The new fund, which will be for “high-growth and owner-managed” businesses, give help companies based in London, the South East, North West and the Midlands with a EBITDA (earnings before interest, taxes, depreciation, and amortisation) of more than £1 million a year.
The finance provider provided a record £395 million to businesses in 2023 and has lent around £1.7 billion in total. Although it is sector agnostic in its investments, it has a lean towards businesses in the leisure, technology and healthcare sectors.
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Chief commercial officer of ThinCats, Mike Hackett, was reported as saying by Yahoo Finance: “The good news is that with inflation continuing to fall and the Bank of England signalling that interest rates may come down later this year, there is far more stability in the market.
“Business owners are now beginning to make decisions again for acquisitions, management buyouts, EOTs or capital restructuring.
“Alternative lenders like ourselves alongside challenger banks and private debt funds are increasingly providing the necessary funding for ambitious, high growth businesses, especially in the regions.
“Working closely with regional business finance communities, we aim to support many more businesses looking to gain access to flexible debt capital to support their growth objectives.”
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