ALTERNATIVE LENDER OF THE YEAR
Sponsored by:
Winner: The Thames Valley Berkshire Funding Escalator
Adequate funding remains the catalyst, if not life-blood of much dealmaking.
Traditionally, financing of deals or new business ventures has been underpinned by well-known ‘High Street’ banks, but recessionary and restrictive times have opened the door to innovation and creativity in the funding markets.
Fresh investment and funding entities have arisen from online crowdsourcing to locally supported schemes. The alternative lending sector has ‘come of age’ – highlighted by the inclusion of this new category in the Deals Awards last year.
Three firms were in the running for this year’s ‘Alternative Lender of the Year’ title: Praesidian Capital Europe, Leumi ABL and the Thames Valley Berkshire Funding Accelerator.
Leumi ABL, the specialist asset-based lending (ABL) subsidiary of Bank Leumi financed the management buyin (MBI) at Cooper Callas, the most recent in a series of notable deals completed by the Thames Valley office in the past two years. Since 2013, Leumi ABL’s local office has written funds totaling £50 million to support companies employing more than 400 staff. Leumi was also last year’s winner of this award.
Praesidian is a private investment firm providing senior and subordinated debt and growth capital to lower mid-market businesses. Together with Connection Capital, Praesidian invested in Redeem Holdings in a long-term commitment to support the fast- growing business.
The Thames Valley’s Local Enterprise Partnership (LEP) committed £7.25m of capital to create its new Thames Valley Berkshire Funding Escalator of loans and equity, managed by the FSE Group. Early- stage companies supported include Emotion Broadcast Systems, User Replay, Cloud Symphony and Ex Cantibus Gaudium.
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Tony Hawks invited Adam Wardle, head of corporate finance at Wilson Partners, the Maidenhead-based chartered accountancy and CF practice, to announce the judges’ choice on behalf of the sponsors.
The winner was described as the first lender of its type in the country, involving a not-for-profit funding scheme (now replicated by other LEPs) supported by a Growth Hub. Wardle then named the Thames Valley Berkshire LEP’s Funding Escalator as the Deals Awards 2015 ‘Alternative Lender of the Year’.
One nomination supporter said: “The Thames Valley Berkshire LEP’s excellent initiative provides a sensible solution for the funding gap that typically exists for early-stage SMEs looking to grow. With a not- for-profit ethos it seems to be doing the right things, for the right businesses, at the right time.”
Kevan Jones, CEO of the FSE Group commented later: “I am delighted for our FSE team, but equally delighted that the LEP in its early days chose to put some very precious money into supporting SMEs. I think we have done the right things between us, the benefits of which will be seen over the next 5-7 years. This is only just the beginning.”
LEP chief executive Tim Smith accepted that the Funding Escalator had been a brave budgetary decision, but added: “It did take courage, but it vindicates the model of Local Enterprise Partnerships being led by business people. Business leaders, with the support of our public sector colleagues, had the confidence to take that risk, to bend the rules slightly, to do something different, and it has borne positive results.
“I am also surprised and very proud that these business awards have chosen to honour a deal that has ultimately been done with taxpayers’ money. It’s a great moment for us.”
THE BUSINESS MAGAZINE – THAMES VALLEY – MAY 2015
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