SME lender Spotcap has provided £300,000 to a construction firm as a part of a new multiple-lender deal.
When Nigel Cowdrey, director of Fischer D’Alton, required £5.5m to acquire shares in a number of construction companies with the aim of becoming a national construction group, he approached Cashflow Bridge, a broker firm that helps UK businesses find short-term financing.
Fischer D’Alton’s goal was to offer all the services provided by smaller specialised companies, but from one provider.
Cashflow Bridge was able to secure the finance from a variety of sources.
This included £300,000 from Spotcap, along with £2.6m from a selection of unsecured and invoice finance lenders.
Leanne Barry, director of Cashflow Bridge, said: “I believe it’s the first deal of its kind in the UK.
“As a broker, it was my role to manage the coordination and communication between the lenders we were in talks with.
