Manchester: 31 July 2018: Funds managed by Foresight Group LLP ("Foresight”) have provided an additional £10 million extension to bolster the original £40 million secured loan note facility which was agreed in September 2017 for Reward Finance Group Limited ("Reward” or the "Company”).
Leeds headquartered Reward is an independent lender which provides secured loans to UK-based SMEs seeking more flexible finance, more promptly than mainstream lenders can deliver. Reward’s bespoke funding solutions take multiple assets as security, enabling the Company to provide short to medium term loans or invoice discounting facilities to support companies in a variety of different situations.
Since the original loan facility from Foresight was agreed last year, Reward has supported more than 100 local businesses with secured loans or invoice finance facilities, lending in excess of £40 million.
Amy Crofton, Investment Manager at Foresight, commented: “Since we made the original £40 million facility available to Reward last year, it has been impressive to see how many local businesses have already benefited from this stream of capital. We are pleased therefore to have increased the facility by a further £10 million, which will enable Reward to continue to support the healthy pipeline of businesses looking for this kind of finance.”
James Livingston, Partner at Foresight, added: “Reward is successfully addressing a significant gap in the market and continues to expand its offering both in terms of national reach, with the opening of additional offices, and debt offerings.”
Nick Smith, Sales and Marketing Director at Reward, commented: ““The fact that Foresight has added a further £10m to its initial investment of £40m demonstrates the faith it has in us to continue to maintain our impressive growth by providing SMEs with fast and flexible funding to enable them to grow their businesses.
Increasingly companies are turning to asset-backed funders like Reward Finance as traditional banks can be slow to react when, more often than not, funds are needed quickly. With the extra funding we will be able to quickly meet the growing demand for our finance products across the North of England, through our Leeds and Manchester offices.”
For more information contact:
Annabel Arrowsmith, Marketing Manager, Foresight Group firstname.lastname@example.org / 020 3667 8179
Peter Downey, Director, Source Marketing Communications at Reward email@example.com / 0113 3801644 / 07971 532449
NOTES TO EDITORS
Foresight Group was advised by Shakespeare Martineau LLP.
The Company and its shareholders were advised by LGB Corporate Finance and Walker Morris LLP.
About Foresight Group LLP ("Foresight”):
Foresight is a leading independent infrastructure and private equity investment manager which has been managing investment funds on behalf of institutions and retail clients for more than 30 years.
Foresight has over £2.5 billion of Assets Under Management across a number of funds, including Listed Vehicles, Limited Partnerships, Enterprise Investment Schemes (EISs), Venture Capital Trusts (VCTs) and Inheritance Tax Solutions using Business Property Relief (BPR).
Foresight’s Private Equity team, comprising 18 investment professionals, pursues four discrete but complementary investment styles: Venture, Impact, Growth and Replacement Capital through its growing regional office network.
Foresight’s ventures team, comprising experienced investment professionals, invests between £250k and £2m in growth capital and venture capital investments in UK SME’s.
Foresight was voted ‘Best VCT Investment Manager’ at the 2017 Growth Investor Awards, having been previously awarded ‘VCT House of the Year’ at the 2016 Unquote British Private Equity awards.
Foresight is headquartered in London with regional UK offices in Manchester, Nottingham, Milton Keynes, Leicester and Guernsey and international offices in Sydney, Rome, Seoul and San Francisco.
About Reward Finance Group (“Reward”)
Reward Finance Group is a business lender; providing SME funding with proven speed, flexibility and service.
With offices in the financial districts of Leeds and Manchester, Reward Finance Group specialises in three unique funding areas offering a one-stop-shop approach to all levels of secured cash flow finance:
- Business Finance – Asset secured short and medium term lending – Between £50k and £2m
- Invoice Finance Plus – More than traditional invoice finance – Between £50k and £1m
- Trade Finance – Expertise within supply chain funding – 100% funding for pre-sold goods
Mettle Investments Ltd, the Johannesburg Stock Exchange listed company, is an investment holding company and is the main shareholder of Reward Finance Group.
For more information visit: www.rewardfinancegroup.com