Company Description: Short to medium term asset-backed lenders for SME's
Instructed by: Foresight Group
WK Corporate Finance advises Foresight on £40m debt funding line into asset-backed SME lender Reward Finance Group Limited
Reward Finance Group has secured a £40m secured loan note facility from funds managed by Foresight Group.
Headquartered in Leeds with a base in Manchester, Reward provides secured loans to UK-based SMEs. Founded in 2011 by the joint managing directors Tom Flannery and David Jones, Reward has achieved year on year growth in its loan book and pre-tax profit.
In the year ending February 2017, the company advanced funds totalling £84m and the year-end loan book stood at £40m, up 25 per cent on the previous year.
Reward will use the facility to partially refinance and provide capital to fuel the growth of the Company's loan book.
WK Corporate Finance were engaged by Foresight Group to undertake Financial Due Diligence on Reward Finance Group.
Amy Crofton, Investment Manager at Foresight, commented: "We chose WK Corporate Finance as our Financial Due Diligence partner to their depth of expertise in the asset backed lending sector, which was critical to understanding the unique business model and bespoke lending practices of Reward Finance Group. Dan Nixon and his team demonstrated high quality project management, delivering an insightful report to a tight timetable. They were a pleasure to deal with and I look forward to working with them again in the future"
If you have any questions in relation to this deal or would like to discuss potential due diligence requirements, please do not hesitate to get in touch.