IGF have provided a substantial Asset Based Lending facility to Addison Lee and ComCab, the UK’s leading private hire, taxi, and courier business. These facilities will support the rapid growth being experienced in London as people return to work post COVID, but also will fuel management’s ambitious long-term growth plans.
Paul Suter, CFO of the Group said: “IGF has worked hard to understand our business and it’s economics to develop this competitive working capital facility which is enabling us to accelerate our investment in profitable growth as we continue the recovery from the restrictions of the past two years. BTG Advisory was instrumental in bringing IGF and Addison Lee together on the back of a considered view of our needs as a business and IGF’s appetite to deploy capital in high quality businesses like Addison Lee.”
We were introduced to the transaction by BTG Advisory, where management were advised by Anthony Brennan, Partner, Debt Advisory, who identified the need for a lender that understood the fast-moving nature of the business and was able to provide a flexible solution to meet the business and shareholder requirements.
Anthony comments: “BTG Advisory is delighted to have advised Addison Lee on this important debt raise which augurs well for the business as the economy rebounds from the pandemic. We are also extremely grateful to have been able to work closely with IGF, a strong commercial funding partner for the company.”
Jon Hughes, Director at IGF, said: “We are delighted to be able to support this iconic British business. This transaction is a great example of IGF’s ability to structure and deliver a creative funding solution to support the aspirations of a top-quality management team. BTG demonstrated a clear understanding of their client requirements and worked carefully to bring together various stakeholders, all of whom will benefit from this arrangement.”
