ARCHOVER, one of the UK’s fastest-growing B2B crowdlending platforms, is asking its lenders for a record-breaking £2.3m to provide working capital for outstanding Scottish occupational healthcare company, Duradiamond.
The loan is broken down into two components: an one-year loan of £500k to provide additional working capital to support four new contracts recently won by Duradiamond; and an £1.8m two-year loan to take out an existing working capital facility provided by RBS.
Lenders over the ArchOver platform will earn 6.25 per cent and 6.75 per cent per annum respectively.
Commenting on the new facility, ArchOver CEO, Angus Dent, said: “What really matters is that this exceptional Scottish company receives all the support it needs and deserves.
“It would be a tragedy if its growth potential was restricted by lack of appropriate finance. This is a golden opportunity for lenders, both north and south of the border, to get behind this project and, at the same time, earn a good return on their money.
“On another level, not only will this represent a record loan for ArchOver, we also believe it will be the largest non-property related working capital loan in the crowdlending sector anywhere in the world. It is a ‘coming of age’ story where we can demonstrate our flexibility and capacity to provide facilities that are beyond the reach of the banks.”
As a result of the four new contracts, Duradiamond, based in Perth, is expecting its turnover to rise to £14m this year, an increase of 19 per cent over 2015, and to £17m and 21m in 2017 and 2018 respectively.
It was founded and has been run by medical professionals since its inception in 2002.
To find out more please visit: www.duradiamondhealthcare.com
The deal was arranged by Neil Davidson, founder and MD of Alderburn Finance Solutions, based in Edinburgh.
ENDS
ArchOver, 5th Floor, 40 Gracechurch Street, London, EC3V 0BT. Tel: 0203 021 8100 UK limited company registered in England and Wales number 7235487
ArchOver is authorised and regulated by the Financial Conduct Authority under Consumer Credit Licence 663239/1
ArchOver contacts:
Angus Dent CEO
T: 0203 021 8100 M: 07881 246005
Keith Lewis
The Marketing Eye T: 01825 765617 M: 07887 530 203
ArchOver
ArchOver.com facilitates fixed term borrowing for companies secured on their accounts receivable, where those accounts receivable are insured for the benefit of the lenders.
This innovative form of finance allows the borrower to leverage the creditworthiness of their customers, lowering their cost of borrowing, while providing levels of security unique within P2P.
We call this Secured and Insured.
ArchOver is a member of the Hampden Group of Companies. Hampden is a leading provider of specialist insurance and financial support services; key areas of operation are Lloyd’s members’ agency services, insurance company ownership and management, the provision of administrative support services and accounting, audit and tax consultancy services. Hampden is privately owned.
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