Direct lender Beechbrook Capital, which backs small and medium-sized businesses in the UK with a turnover of between GBP10 million and GBP100 million and EBITDA of more than GBP1 million, has opened its first regional office in Manchester.
The office, in Hardman Square, Spinningfields, will support the UK SME Credit fund, which provides finance to UK SMEs.
The Manchester office will be run by investment director Matt Kenny, who joined Beechbrook at the beginning of April. His previous roles include three years as an investment director with LDC, originating and leading mid-market private equity investments, and more than six years in financial services advisory work with, first, Ernst & Young and then Lloyds Banking Group.
Jon Herbert, Beechbrook managing director in charge of the firm’s UK SME Credit fund, says: “The opening of our Manchester office demonstrates the importance we attach to maintaining close and enduring relationships with SMEs and advisers across the north of England. We know there is strong demand for the growth capital we offer and the Manchester office will play a big role in expanding the range of high-quality investment opportunities available to the fund.”
Beechbrook Capital held a final close of its first UK SME Credit fund at the beginning of the year with commitments in excess of GBP150 million. The fund has already completed eight investments and is now 44 per cent committed.
