£30m for new debt fund aimed at medium-sized businesses
CORDET Direct Lending fund has pledged to invest a minimum of £60m into UK mid-sized companies
CORDET Direct lending – a new debt fund aimed at medium-sized businesses – has secured £30m from the British Business Bank Investments Ltd, the commercial arm of the British Business Bank.
UK firms are set to benefit from CORDET’s €200m Northern European fund as it has committed to inject at-least £60m into UK-mid-sized companies with annual revenue below £100m and market capitalisation of between $2bn to $20bn.
The British Business Bank’s Small Business Finance Markets Report 2015/16 recently found that the UK is home to around 10,000 businesses of this size, with a combined turnover of £875bn, employing 4.5 million.
The CORDET fund is the latest in a series of new funds dedicated to supporting high-growth UK firms. Just this week Crowdfinders announced a £100m funding drive, and Octopus closed an additional £100m for its early stage fund.
Jakob Lindquist and Magnus Lindquist, co-managing partners of CORDET Capital Partners LLP, said of the news:
“We are proud to have such dedicated and strong support from our investor base and to have achieved this important milestone in the firm’s development. We look forward to growing the business and our investor base further.”
Keith Morgan, chairman of British Business Bank Investments, added:
“Our research has shown that approximately 80% of mid-sized UK firms are looking to grow in the next year and this substantial new fund will help high-growth businesses across the country access the finance they need to scale and grow.”