Rivers Leasing secures funding for business growth
Rivers Finance Group PLC (‘Rivers’) has secured a funding package from Conister Bank, with the advisory support of LGB Capital Markets, to grow its established Rivers Leasing business and launch a new block discounting product in the wake of the Covid-19 pandemic.
The transaction was concluded on 27th May 2021 and sees Conister Bank provide a flexible funding package initially comprising £6.25m in revolving credit facilities, CBILS and Term Loans. Conister has also taken a minority equity position in Rivers.
Rivers has worked closely with LGB since 2015. They arrange its £25m listed medium-term loan note programme and have now helped secure the most appropriate capital structure and funding partner to achieve the company’s growth ambitions.
Rivers Leasing, based in Harrow, was established in 2010 and has made its name as a niche asset finance and loans provider to UK SME businesses. Since then, it has grown into an award-winning industry player and in 2020 was recognised by the Financial Times as one of Europe’s fastest growing companies when it ranked for the fourth consecutive year in the esteemed FT1000.
Ratan Daryani, chairman of Rivers Finance Group said: “It is wonderful to be starting the post-lockdown year at a point where we can bring plans for the company’s growth and development to fruition, and, in particular, to be doing so with the support of those that we both respect and have longstanding relationships with.”
Douglas Grant, managing director of Conister Bank said: “As the economy reopens following an unprecedented year of lockdowns, we are continuing to look for ways to support resilient SMEs which are able to adapt to the post-Covid economy. Rivers has demonstrated its strong fundamentals during this period and provided much needed support to SMEs that have struggled as other lenders have withdrawn from providing finance. We are delighted to support Rivers in its growth plans with this funding facility which is in line with the Group’s strategy of lending to resilient market sectors in the UK.”
Andrew Boyle, CEO of LGB & Co. Limited said: “The ability of the company to attract Conister Bank and put in place expanded wholesale credit facilities in the most extraordinary market circumstances reflects well on Rivers operating structures and management team’s performance during the last 12 months. Having acted as Rivers arranger of its £25m MTN programme we are pleased to have completed this debt advisory mandate and we are looking forward to supporting the company’s continued development”.
