REG - Inspired Capital PLC - Additional debt facility <Origin Href="QuoteRef">INSCI.L</Origin>

InspiredAnnouncement

23/03/2015 07:01

RNS Number : 1136I
Inspired Capital PLC
23 March 2015
23 March 2015
Inspired Capital plc
("Inspired" or the "Group")
Additional debt facility
Inspired Capital plc, (AIM: INSC), a leading provider of customer-focused financial solutions to SMEs is pleased to confirm that, further to the announcement on 26 November 2014, it has secured an additional 25 million debt facility through British Business Bank Investments Limited, the commercial arm of the UK Government's economic development bank.
The funding will be provided as a three year syndicated back-to-back facility with Lloyds bank, increasing the total facilities for Inspired's invoice finance business to 75 million. The new facility is provided on the same commercial terms as, and will rank pari passu with, the Lloyds facility.
The new facility will be utilised to fund the Group's growing invoice finance business. 
Brian Cole, Chief Executive Officer of Inspired Capital plc, said: "We are delighted to have received substantial support from British Business Bank Investments Limited for our high-quality and innovative invoice finance offering. We continue to see a real opportunity to expand into the heavily underserved SME finance market.
"The new facility will allow us to further support UK businesses by increasing the funds available whilst we continue to grow our core product offering."
Peter Wilson, Chief Executive of British Business Bank Investments Limited, said: "We are delighted to be providing funding to support Inspired Capital, an AIM-listed finance provider with ambitions to increase significantly their invoice financing capability.
"The flexibility we have built into our support will also assist Inspired in bringing additional SME financing products to the market.
"This is the ninth investment since launching the Investment Programme with over half of the 400m budget now committed."
For further information please contact:
Inspired
Matt Cooper, Chairman
Brian Cole, Chief Executive Officer
David Blain, Chief Financial Officer
Jeremy Coombes, Chief Executive - Ultimate Finance
via Newgate
Cenkos Securities
Max Hartley (Corporate Finance) 
Julian Morse (Sales)
Oliver Baxendale (Sales)
+44 (0) 20 7397 8900
British Business Bank - Seven Hills
NithiyaGnanathas
+44 (0) 20 7199 6196 
Newgate Communications
Tim Thompson
Jasper Randall
Andre Hamlyn
+44 (0) 20 7653 9850


About Inspired Capital plc
Inspired Capital is building by organic growth and acquisition a new customer-friendly force in SME lending by deploying long term capital. There is an opportunity to grow considerably in an underserved sector, with SMEs traditionally finding credit difficult to access from the major clearing banks that often focus on the security and stability of retail and larger corporate lending.
About British Business Bank Investments Limited
British Business Bank Investments is the commercial subsidiary of British Business Bank plc. It aims to earn a commercial return by investing debt and equity into providers of finance to smaller businesses and small mid-caps, pursuing investments on a fully commercial basis without receiving any advantage from the government.
In doing so,it aims to:
 support the development of diverse debt and equity finance markets which supply small to smaller mid-cap businesses
 increase the level of finance to those businesses, in particular improving the provision of long-term finance
 promote competition and increased supply through new and existing finance providers
British Business Bank Investments Limitedoperates primarily in the smaller and mid-sized business finance markets. Depending on the overall business strategy and objectives agreed through its annual business plan,British Business Bank Investments Limited may at times also include larger firms in its portfolios.
A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank website.
A full list of finance providers being supported by its Investment Programme can be found on the British Business Bank Investments website.
British Business Bank plc is an economic development bank wholly owned by HM Government. Neither British Business Bank plc nor British Business Bank Investments Limited is authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).

This information is provided by RNS
The company news service from the London Stock Exchange
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