Foresight Group – a global independent infrastructure and private equity investment manager – provided the alternative funder with a secured loan note facility against the investment, which will significantly increase its lending capabilities.

“This is a significant step forward in the short history of Reward Finance Group Ltd,” said Tom Flannery, joint managing director of Reward Finance (pictured above, right).

“While we have been growing the business with substantial loan facilities provided by our ultimate parent since our inception in 2011, we have been looking for a senior debt funding facility to take the business on to the next level.”

Tom and joint managing director David Jones (pictured above, left) founded Reward Finance in 2011, with it being 70% owned by Johannesburg Stock Exchange-listed Tradehold Limited.

The business lender advanced funds totalling £84m in the year ending February 2017, with its year-end loan book recorded at £40m, up 25% on the previous year.

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Reward stated that its year-on-year growth in its loan book and pre-tax profit attracted the investment from Foresight.

“Reward Finance Group has an exceptionally strong track record of profitable growth,” said Amy Crofton, investment manager at Foresight.

“We have known the business for some time and have been impressed by its development over the last few years.

“Working with the Reward team, we structured a flexible debt facility that will provide substantial new capital resources to promote the ongoing success of the company.”

James Livingston, partner at Foresight, added: “They are successfully addressing a significant gap in the market and continue to expand their offering both in terms of national reach, with the opening of additional offices, and debt offerings.

“This investment represents a healthy diversification for our growing portfolio which we are seeking to continue.”

Meanwhile, Dr Christo Wiese, executive chairman of Tradehold SA, added: “…With the Foresight deal, we now have the ability to grow this business even more strongly over the next five years within our new financial services vehicle.”