The portfolio — which has been held and managed by the same owners for over 25 years — has more than 60 different tenancies and 40 titles.
The sale involved the transfer of shares from two limited companies to an intricate ownership structure, with the exit as a refinance to a term lender.
The £9m facility was arranged on a 12-month term.
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Nick Harrison, founder of Bespoke Business Finance, explained how the deal ended up being far more complicated than originally anticipated, with the share purchase agreement involving numerous shareholders, a highly complex security structure and three sets of lawyers.
“In my eyes, the transaction would never have got over the line without the tremendous skill, energy and hard work of Alex Tyrwhitt, Octane’s head of structured finance,” he commented.
Alex (pictured above) said that Nick and Martin Lee, associate at Bespoke Business Finance, showed their quality and experience by working day and night to ensure all parties and professionals were on track, informed and motivated to see the deal through to a successful completion.
“In addition, Simon Noonoo [partner at Seddons] and the rest of [their team] were absolutely crucial in getting this labyrinthine deal over the line,” he added.
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