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Introducing new introducers

11th Nov 2016   ·   The ThinCats Team   ·   Funding Stories

A core goal for ThinCats is to increase the volume and range of deals available to lenders on the platform. As all our loans are introduced through Sponsors and other business professionals, it’s vital that we develop our relationships with those best able to provide the lifeblood for SME P2P lending.

We have allocated considerable resource to this, and are delighted to see that it is beginning to bear fruit. Loans from new sources are beginning to appear on the platform. One example being the recent Shiny Sky loan (trading as Arrow Cars), brought to our sponsor ESF Capital, by introducer SME Capital.

Arrow, founded in 2004, is the second largest private hire company in Leeds and, through a process of bolt-on acquisition, is making its mark nationally. It is, for example, the largest specialist airport operator in the UK[1]. The taxi company has grown by focusing on the provincial areas around its established bases where there is less competition. The firm has contracts with four major airports, providing 49% of revenue, as well as a number of corporate accounts with local universities, councils, professional services, and hotels. Alongside Leeds, it has operations in Manchester, the East Midlands and Bristol.

The company was looking to raise £1.25m for an acquisition that would raise the size of its fleet from 500 to 660, and had been working with SME Capital to source the funding.

Antoine Grisay, chief executive of SME Capital, said: “The deal was a straight forward credit story, and the company wanted to deal with someone who could make a rapid underwriting decision. The process went very smoothly – the deal was structured rapidly, and was executed in just a few weeks.”

The loan was listed at 8% and security included first ranking debenture over the assets and a share pledge.

[1] Source: ThinCats’ Information Pack, 9 September 2016.

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