LendInvest secures up to £200 million in funding from HSBC UK to back entry into home loan mortgages

London, 8 April 2019 – LendInvest, the marketplace for mortgages, has secured funding of up to £200 million from HSBC UK, one of the world’s largest banking and financial services organisations, bringing further institutional capital to its platform.

This new funding will enable LendInvest to enter the regulated home loan market for the first time, marking the company’s next step towards achieving its ambition of becoming a whole-of-market mortgage provider. Launching in 2019, LendInvest’s first home loan product will be available to homeowners that require short-term bridging finance for terms up to 12 months.

The £200 billion mainstream UK mortgage market is ripe for disruption. LendInvest’s unique marketplace model and proprietary technology supported by high quality institutional funding provide borrowers with attractive products, a much faster process and excellent service – and investors with the opportunity to access an attractive, secured asset class.

LendInvest has lent over £2 billion to borrowers to date, having quickly taken market share in the short-term finance market and rapidly built scale in the buy-to-let market.

LendInvest manages a substantial and diverse capital base. In addition to HSBC UK, LendInvest’s bank funding partners include global banks Citigroup and Nomura, European banks and a number of UK-listed challenger banks. Alongside multiple institutional funding lines, LendInvest enables corporate investors and sophisticated or HNW individuals to invest in the mortgages it writes via its Co-Investment Platform, discretionary fund and £500m LSE-listed bond programme.

Christian Faes, Co-Founder, and CEO of LendInvest commented: “LendInvest continues to attract investment onto our platform from some of the world’s largest and most sophisticated investors. This new funding from HSBC is a further important step forward in the evolution of our business. We have shown to great effect how our technology-driven approach to lending can succeed in the specialist loans market. Our sights are now firmly set on continuing to build out our platform and on ultimately disrupting the £200 billion mainstream UK mortgage market.”

David Langford, Relationship Director in HSBC’s Non-Bank Financial Institutions Team in London added: “We are delighted to partner with LendInvest and the platform’s experienced team on this funding. The deal demonstrates our commitment to providing access to funding in an evolving UK residential property market in order to help support housing supply. We look forward to the launch of this exciting mortgage product and seeing how it will benefit new and existing LendInvest customers.”

About LendInvest

LendInvest is a new type of financial services business: the marketplace for mortgages. LendInvest’s unique platform and proprietary technology solve complexity for borrowers and provide investors with stable income secured against property.

Since launching in 2008, LendInvest has lent over £2 billion and built a significant and diverse capital base comprising individuals, corporates and some of the world’s largest financial institutions.

Media contacts

Leigh RimmerPublic Relations Manager

Tulchan CommunicationsTom Murray / Jonathan Sibun

The Hut Group secures £770 million revolving credit facility from Shanghai Pudong Development Bank

The Hut Group Limited (“THG” or the “Group”), one of the world’s largest online Beauty & Wellbeing businesses, today announces newly improved Group banking facilities, in excess of $1 billion (USD). The enhanced facility will support upcoming major investments in Beauty, Technology and Infrastructure, enabling the Group to continue to deliver on its growth plans.

The enhanced facility increases and extends the revolving credit facility to a 4-year deal while the M&A facility has also been extended to become a 3-year deal. As part of this refinancing, the Group welcomes Shanghai Pudong Development Bank into the revolving credit facility, reflecting the significance of Asian markets which now accounts for over 20% of Group Sales.

Andrew Woods, Shanghai Pudong Development Bank, Relationship Manager commented: “We are delighted to join The Hut Group’s core banking facility at this exciting time in the company’s development. This transaction is in line with the banks strategy of facilitating UK corporates with their trade flows to China and underlines our confidence in the THG management team.”

In addition to the expanded facilities above, the Group has also agreed new property funding up to €40m with Intesa Sanpaolo to finance the freehold acquisition and fit out of the recently commissioned Distribution Warehouse in Wroclaw, Poland. The new 800,000 sq. ft. fulfilment and manufacturing facility will provide the Group with faster and more efficient access to almost 300 million online shoppers, helping keep pace with the continued global growth.

THG continues to grow rapidly, with 2018 sales in excess of $1.2bn. The Group continues to invest in its own brand proposition, particularly its ever-growing Beauty portfolio, which is powered by THG Ingenuity, its proprietary e-commerce technology platform. The platform, which generates global consumer demand insights, continues to grow and now trades on over 166 localised websites across 46 languages and 42 currencies.

Matthew Moulding, Founder and Chief Executive Officer of THG, said: “We are thrilled to build on the continued support shown by our banking syndicate and also very much look forward to working with our new partners. We value their support and the partnership we have developed with each of them.

“Our new property funding for our distribution warehouse in Poland, alongside this extension of our credit facilities are further powerful additions, for the Group and its business model, as we continue to deliver on our ambitions of becoming the global digital leader across the Beauty and Wellbeing sector and drive forward our expansion plans.”

Steven Estill, HSBC UK’s Relationship Director for Large Corporate, said: “We have been working with THG since 2014 and over that time we’ve seen the business grow rapidly in global online beauty and wellbeing markets. This recent refinancing will position the business perfectly to continue its search for acquisitions over the coming years. We look forward to working alongside the Group as they continue to deliver on their latest ambitions.”

Graham Holland, Barclays Relationship Director, said, “Barclays is once again delighted to support the ambitions of The Hut Group by taking a leading role in the refinancing of their capital structure. This provides financial strength and enables them to continue to pursue their growth agenda with confidence and capitalise on market opportunities arising from the current economic climate.”

The following banking teams executed the transaction: HSBC (Steve Estill, Will Rix & Jake Taylor); Barclays (Tom Johnson, Na Wei, Graham Holland & Atif Malik); Santander (Andrew Mulliner, Matthew Thomas, Charlotte Lees & Tom Bamber); Citibank (Sam Norton, Ula Malczewska & Ryan Ladwa); JP Morgan (Christos Kolimenakis, Zev Garell, Chris Wood & Richard Johansson); NatWest (Richard Smart, Howard Gillibrand, David Caunce & Kieran O’Malley); Bank of Ireland (Alastair Kenny, Harriet Castle and David Willis); Shanghai Pudong Development Bank (Tad Becchetti & Andrew Woods); Lloyds (Kate Grimoldby, Karen Mann, Andy DeVaux & Chris Lawrie); AIMCO (Peter Hutton & Peter Shen) and SVB (Rosh Wijayarathna, Van Tran, Jash Miller & Ryan Barnett)

The Hut Group was advised by Martin O’Shea, Jessica Burgess and Emma Parker from Addleshaw Goddard. Matt Morgan of Pinsent Masons advised the syndicate, assisted by Becca Labib and Sarah Greenwood.

For more information, please contact:
Viki Tahmasebi – viki.tahmasebi@thehutgroup.com
Group Communications Director – 07966 028340

Notes to Editors

About THG

The Hut Group (THG) is an international technology company, focused on beauty and wellbeing retail. Founded in 2004 by CEO Matthew Moulding, Manchester-based THG now operates 166 localised websites, retailing goods in 164 countries. In the year to 31 December 2017, the Group grew sales by 47% to £736m, with international sales growing 62% to £512m (latest available figures). Over half of THG’s sales now come from own brand products.

Pioneering Technology Platform
THG is a British technology success story. Its in-house team design, develop and build bespoke proprietary technology that is used by hundreds of millions of people worldwide.
Its unique platform, THG Ingenuity, helps the Group dispatch 37 million items to customers across the world, and saw THG reach the top of the Sunday Times profit track for two consecutive years. The platform was recognised as E-tailer of the Year in 2016 by Retail Week.

Talent
The Hut Group is the #1 place for ambitious young talent, with over 1,800 jobs created in 2017 and the THG Academy working to build the next generation of business leaders.

HealthTech company Cog-Neuro Speech Therapy secures £85k Grant and Debt finance from InnovateUK and Development Bank of Wales

People suffering with communication difficulties are benefitting from a new speech therapy service that has been developed by Caerphilly-based Cog-Neuro Speech Therapy Limited.

With a £25,000 loan from the Development Bank of Wales and a £60,000 grant from Innovate UK, the mobile application has been developed to help people with communication difficulties to regain their ability to communicate, maintain relationships and re-integrate into the community. 

Cog-Neuro was first established by speech therapist Sheiladen Montero Aquino in 2012. She has now developed an application that will enhance speech therapy service for people with communication difficulties following a stroke, brain injury, and other progressive neurological disorders including Parkinson’s disease and Multiple Sclerosis.

By using the application, patients can access services during the time when they are most stimulable for rehabilitation or while waiting for a speech therapy appointment from the NHS. Patients and their families who want intensive speech therapy can also use the app alongside speech therapy sessions to support their current rehabilitation program.

The Cog-Neuro application focuses on five areas of language including listening, speaking, reading, writing and thinking (semantics). Gamification and stealth learning has been used to encourage interactivity and concentrated attention, which have been shown to be key factors in neuroplasticity and brain regeneration.

Mini-games target specific linguistic skills with visual instructions and trial options at the start of each game. Feedback is given to users. In addition, each of the games has three levels of difficulty depending on the user’s  progress. At the end of the game a report is generated which can be sent via email. It is also possible to customise the game for the client.

Sheiladen Montero Aquino founder of Cog Neuro said: “Throughout my international practice in speech therapy, I have wanted to develop an innovative treatment that will help people communicate again after a stroke, brain injury, Parkinson’s or Dementia.

“The Innovate UK funding helped develop the mobile software but we still needed additional finance. Business Wales introduced me to Rhiannon Brewer at the development bank – she understood our business and showed a sincere desire for our success.  She guided me through the process and we received the funds promptly. We found a reliable partner for this journey!

“I’m grateful to the Development Bank of Wales, Business Wales and Innovate UK for their excellent support throughout.”

Rhiannon Brewer, Senior Investment Executive with the Development Bank of Wales said: “Working in partnership with other funders and business support organisations to help ambitious and passionate business owners to succeed is what we do best. Each company we work with is different and every deal is bespoke. So, I was particularly pleased  to work with Business Wales and Innovate UK to offer a funding package that really is making a difference to the business whilst improving people’s lives.

“The new product from Cog-Neuro will help to benefit some of the 15,500 people in Wales who are estimated to suffer with severe speech and communication problems. It’s very rewarding to know that our micro loan is now helping to ensure that people will receive the care  they need to support independence and quality of life.”

David apjohn-Williams, Business Wales Regional Manager for South Wales, said: “As well as supporting entrepreneurs and SMEs across Wales to start and expand, collaborating with other support organisations and stakeholders to offer a holistic approach that is tailored to the individual, is paramount to us.

“I am delighted that, together with the Development Bank of Wales and Innovate UK, our advisers were able to support Sheiladen and Cog Neuro to create a robust financial plan and secure the micro loan, as the business continues to develop their life-changing projects.”

The Development Bank of Wales offers micro-loans from £1,000 to £50,000 as well as loans and equity up to £5 million.

Force24 secures £250,000 debt finance from Mercia

A Leeds-based tech firm which has developed one of the UK’s leading marketing automation platforms has secured a £250,000 loan from NPIF – Mercia Debt Finance, which is managed by Mercia Fund Managers and part of the Northern Powerhouse Investment Fund.

The funding will support the ongoing development of Force24’s platform and allow it to introduce new features to further improve efficiencies and clients’ return on investment.

Established in 2010 by Adam Oldfield and Nick Washbourne, Force24 now has over 2,000 users and a 97% client retention rate. The company, which employs around 50 people in Leeds, plans to achieve significant growth over the next five years.

Adam Oldfield, Force24’s Managing Director, said: “In an ever evolving marketing landscape, it’s imperative a platform provider like Force24 is in tune with the industry’s needs. We commit to offer our clients free training and support for life, and the unique insights we gain help us understand how we can further support the market. Mercia understands our ambitions clearly and we look forward to working with them and the Northern Powerhouse Investment Fund in the years to come, as our funding requirements evolve.”

Jonathan Craig, Investment Manager at Mercia Fund Managers, added: “Force24 consistently invest in their product offering to ensure they keep ahead of the competition and deliver return on investment for clients. The funding will allow the management team to continue product development and drive the business forward.”

Mark Wilcockson, Senior Manager at British Business Bank, said: “Historically, funding options for businesses in the North have been scarce, which has stifled growth and innovation in the region. NPIF is making real strides in reducing the regional funding gap between the North and the South, providing a variety of finance solutions that help businesses in the North realise their growth ambitions.”

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

Quint Group secures £16.5 million finance from Natwest

Quint Group are delighted to announce that we have secured a £16.5m financing deal from Natwest Bank.

The new revolving credit facility from Natwest, which was led by Mike Malone (Director Structured Finance) and Nioami Reddington (Director, Corporate Coverage), allows us to refinance our existing facilities with Tosca Capital as well providing access to further funding, which will allow us to drive continued growth through strategic acquisitions and continuing to invest in our core businesses.

We continue to see exceptional growth both in the UK and internationally with a particular highlight being the aggressive expansion in the US from Monevo, which has seen over 300 per cent growth over the last 12 months.

CFO Anuj Bhatnagar, who lead the process at Quint commented: Securing this facility for the Group is extremely positive giving us an even stronger financial foundation and increased resources to support to deliver our long-term goals.

Greg Cox, CEO of Quint Group, commented: “It’s a very exciting time for Quint and I’m very pleased that Natwest has supported us in this important stage of our growth. 2019 represents a huge opportunity for us to consolidate and grow our international presence and new businesses while continuing to innovate in our core markets. Having the support of a top tier one bank like Natwest gives us access to the capabilities we need to deliver on the Group’s vision and long term plan and demonstrates how far we have come as a business.

Richard Smart, Managing Director, Head of Regional Structured Finance, Natwest commented: We are delighted to have supported Quint Group on the next stage of their exciting growth journey and we are looking forward to supporting their continued UK and international expansion. This is another great example of our ability and desire to support high growth, high potential SME’s achieve their strategic growth ambitions.

Pinsent Masons Manchester office advised management as part of the deal, through a team led by Matt Morgan with Richard Oman of Addlewshaw Goddard supporting Natwest.

EY provided financial due diligence, led by Richard Harding and Paul Stott.

Vortex IoT secures six-figure sum from Development Bank of Wales

Swansea-based firm will use investment to power its growth having already attracted BT and Network Rail as clients

Monday, 25 February 2019

A Swansea-based IoT company has received six-figure investment from the Development Bank of Wales.

Vortex IoT will use the investment to help the business continue its trajectory of international growth.

The firm builds sensors and networks for a variety of harsh environments where conditions are hostile, power supply is limited, AI is needed, or data security is critical.

Its solutions have already attracted the attention of a number of major global brands, including Tata Steel, Dell Technologies, Network Rail, BT and Hitachi.

Plans will see Vortex IoT collaborating with highly-skilled engineers and world class scientists at a Centre of Excellence located close to Swansea University’s Science and Innovation Bay Campus, where innovative ways to boost the company’s productivity will be researched and implemented.

The Development Bank of Wales investment will allow Vortex IoT to pursue its ambitious growth plans which involve securing a number of high-profile clients, in the UK and abroad, as well as growing its current workforce from 15 to 30 by the end of 2019.

Vortex IoT is already building a reputation for finding innovative solutions to a wide range of problems faced by businesses, designing retro-fit products which meet the often extremely exacting needs of a variety of industries.

The Development Bank of Wales offers Wales-based companies flexible business finance in the form of loans and equity. Among its specialisms is offering seed and growth capital to technology-based businesses.

“The nature of our business means that we could have set it up anywhere in the world,” said Adrian Sutton, managing director of Vortex IoT.

“However, the funding environment in Wales is extremely positive and conducive to encouraging SMEs in the tech sector to thrive which was a real incentive for us when we were making the decision about where to locate our head office.”

“This investment from Development Bank of Wales will help us continue to build on our national and international growth, raising awareness of the business and our unique, innovative IoT solutions.”

Alternative SME Finance Provider Capify Secures £75 Million Credit Facility from Goldman Sachs

Investment expands Capify’s financing capacity to meet increasing customer demand and grow its SME lending business

Capify, a leading alternative SME finance provider in the UK, has secured a £75 million credit facility from Goldman Sachs Private Capital (“Goldman Sachs”) to support its future growth plans and provide working capital to thousands of British SMEs over the coming years.

The Greater Manchester-based fintech company will use the new facility to accelerate the growth of its lending business to UK SMEs through its merchant cash advance (MCA) and business loan products.

Capify has been active in the UK since 2008, executing over 9,000 transactions for UK SMEs seeking working capital for their business. Since inception, Capify has helped deliver £150 million in business loans and merchant cash advances in the UK.

“This is a landmark achievement for Capify and we are very pleased that we have secured this financing with Goldman Sachs, one of the premiere capital providers in the world,” said David Goldin, Founder and CEO of Capify.

“This new multi-year credit facility allows us to deliver on our own growth plans, whilst providing much needed access to capital for UK SMEs to help them to grow, to boost the economy and to create jobs.”

“The credit facility validates our company as a leader in the marketplace and underlines the strength of our business model to provide simple, affordable and smart financial options to UK SMEs.”

Pankaj Soni, Executive Director at Goldman Sachs Private Capital, said: “Capify is one of the leading SME finance providers in the UK. We have been impressed with the management team, business model and innovative finance solutions for SMEs. We look forward to supporting their growth in the years ahead.”

“We are extremely excited about our future relationship with Goldman Sachs,” added John Rozenbroek, Chief Financial Officer at Capify. “The credit facility will enable us to continue on our growth trajectory while offering even more attractive and innovative solutions to thousands of small businesses in need of capital.”

Pictured: David Goldin, Founder and CEO of Capify.

ENDS

About Capify

Capify provides flexible financing solutions to SMEs seeking working capital to sustain or grow their business.

The company places a high focus on transparency and provides businesses with fast, personalised small business loans and merchant cash advances.

Capify has been operating in the UK market for over 10 years and also has a sister company, Capify Australia, which provides similar services in Australia to Australian SMEs for over 10 years. The company has over 120 employees across both its offices.

For more details visit: http://www.capify.co.uk.

About Goldman Sachs Private Capital

Goldman Sachs Private Capital is Goldman Sachs’ investment platform dedicated to providing long term capital to growth and middle-market companies throughout the US, Europe and Israel. The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Capify Media Contact:

Lee Cullen on 07956 125 977 or email lee@nobraineragency.co.uk

Gary Jenkins on 07736 561517 or email gary@nobraineragency.co.uk

Goldman Sachs Media Contact:

Joseph Stein on 0207 774 4080 or email joseph.stein@gs.comPosted in FinancePress ReleaseTopical