LGB arranges GBP20m medium term note programme for Simply Asset Finance

LGB Corporate Finance has arranged a GBP20 million Medium Term Note (MTN) programme for Simply Asset Finance, a private equity backed specialist asset finance provider. The facility will enable Simply Asset Finance to expand its lending capabilities.

Simply Asset Finance offers finance products as a secured lender to SMEs to fund the purchase of business-critical equipment and to free up working capital. It is a portfolio company of Cabot Square Capital, a private equity investor in UK specialist lending businesses.

LGB Corporate Finance completed the establishment of the Simply MTN programme and a first issue of notes of GBP4 million under it in March 2020. The programme will provide additional capital to support the growth of the group’s lending activities.

MTN programmes are traditionally used by large corporates and blue-chip companies. LGB has made them available to growth companies seeking diversification of lending sources and flexibility of funding. The programmes are designed for the issuance of debt for the provision of working capital, long term investment, or growth capital.

Angus Grierson, managing director of LGB Corporate Finance, says: “We are very pleased to have been able to establish this programme for Simply Asset Finance, which is a key player in supporting British business at this critical time.”

Established in April 2017, Simply Asset Finance is led by a team of asset finance specialists who saw a need for greater innovation and disruption in the sector. Many of the company’s regional sales team have a background in the industries they are now lending to and therefore understand the day-to-day challenges that businesses face. 

Simply Asset Finance employs over 95 people and has more than 2,500 customers. The company has a panel of supportive funders including the British Business Bank, Citibank, Aldermore Bank and Hitachi Capital Business Finance. 

Stefan Wolvaardt, chief financial officer of Simply Asset Finance, comments: “The LGB team provided a responsive, quick, and knowledgeable service. Coupled with a deep and broad investor base, this allowed us to complete our inaugural transaction on time and budget. I very much look forward to working with them in the future.”