Fox Williams advises Allica Bank on £110m equity raise
Fox Williams has advised Allica Bank on a £110m equity raise led by new investor Atalaya Capital Management, alongside Allica’s existing lead investor Warwick Capital Partners.
Fox Williams also advised on the acquisition of a 2,000 SME customers and £0.6bn of associated lending from AIB Group (UK) Plc following AIB’s exit from the SME market in Great Britain. The transaction will build on Allica Bank’s positive momentum since launching in March 2020 and accelerate the bank’s ambition to become the leading SME challenger bank for the decade ahead.
The acquisition brings forward Allica Bank’s target profitability date to the middle of 2022, with total combined lending book to be over £1bn.
Allica Bank, which has full UK banking authorisation, opened its doors to customers in March 2020 and provides banking services to small and medium sized enterprises. Allied Irish Bank is one of the largest commercial banks in Ireland and the transaction represents its exit from the SME market in Great Britain.
The Fox Williams team was led by corporate partner Guy Morgan and supported by financial services and fintech partner Peter Finch; fintech partner Jon Segal and corporate associates Beth Silkin, Bhavin Bhatt and Anjali Aravindhan.