Kingswood Holdings, the international, vertically integrated wealth and investment management group, has secured a new £8.0m unsecured debt facility with funds managed by Pollen Street Capital.
The AIM-listed group with around £12bn of assets under advice and management has 19k clients from a growing network of offices across the UK with overseas offices in Ireland, South Africa and the US.
It said in a statement today (16 February) that the facility agreement will be used to support the company’s "capital requirements and growth agenda".
The £8.0m facility has an expiry date of the earlier of 17 October 2030; and interest rate of 12% rolled up and paid at maturity.
Kingswood is entering into the facility agreement with HSQ Investment, a wholly owned indirect subsidiary of funds managed and/or advised by Pollen Street.
Lindsey McMurray and Duncan Gerard are non-executive directors of the company and employees of Pollen Street. Accordingly, entering into the Facility Agreement constitutes a related party transaction under Rule 13 of the AIM Rules for Companies.
As such, the directors of the company (excluding Lindsey McMurray and Duncan Gerard) consider, having consulted with Cavendish Capital Market Limited, the company's nominated adviser, that the terms of the facility agreement are fair and reasonable insofar as the Company’s shareholders are concerned.
David Lawrence (pictured), Kingswood Group CEO said: “Since their first investment in Kingswood in 2019, Pollen Street have been a great partner to the Company and this additional investment demonstrates a further positive commitment towards our ambition to build a leading business in the sector.”
