Specialist lender Jerrold raises further funds
The Cheadle-based group, which is well known for its Bridging and Auction Finance brands, said it had extended its private securitisation programme.
The new revolving facility runs until January 2017 with a further 12 months’ non-revolving commitment to January 2018. The company said Royal Bank of Scotland, Lloyds Banking Group and Natixis had purchased its securitisation notes.
Gary Beckett, Jerrold Holdings group chief financial officer said:
“This important transaction secures committed funding on favorable terms to January 2018 and will support considerable growth in both our retail and commercial divisions in line with continued demand for our products.
“The increase and extension follows the successful £200m capital markets bond issuance in September 2013 and together these transactions provide the Group with significantly increased capacity to support our ambitious growth plans.”
Jerrold was founded in 1974 by Henry Moser, who remains chief executive. It sold a minority stake to private equity firm Equisitobe and Standard Life Investments in 2006 and has been growing strongly in the last two years.
Last September the group said profits for the year to the end of June had increased 16% to £52m on the back of increased demand for its services and continued improvements in credit quality.
Jerrold’s loan book was £1.08bn at the end of the financial year.