Sancus BMS Group had, for a brief time, increased its stake in UK alternative lender Platform Black by purchasing an additional 10 percent of Platform Black shares from minority investors.
The deal would have given Sancus BMS Group a 93.93 percent stake in Platform Black, but they struck a deal with a group of high net worth private investors which will see those investors buy that new ten percent at the same £3.5 million valuation and lend up to £50 million through Platform Black. The investors also have a future option to buy an additional 20 percent of Platform Black for £5 million.
Platform Black managing director Caroline Langron explains how the company benefits from the move.
“The injection of £50 million into the business enables us to boost further our capability to fund the demand we are seeing from UK businesses looking for flexible sources of finance.
“The change in shareholding will only serve to strengthen the business as we seek further growth. Being part of a larger group brings many benefits to our clients as we will be able to draw on the resources of the shareholders and the wider Sancus BMS Group companies to ensure we continue to satisfy our clients’ financing requirements.”
Wholly owned by GLI Finance, Sancus BMS Group plans on renaming Platform Black Sancus Finance Limited by the end of 2016, Sancus BMS Group chairman Andy Whelan said.
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