A Manchester-based bridging company has announced it has successfully secured a major new line of funding of up to £100 million from funds managed by Pamplona Capital Management (PMC).

Bridgebank Capital secured the major new line of funding from PMC, an investment management firm with funds under management worth in excess of $7 billion, which has also taken an equity stake in Bridgebank Capital’s business.

As a result, Bridgebank Capital has reorganised internally and established a new group structure, forming Bridgebank Capital (IM) Holdings Limited as the Group’s holding company.

The agreement represents a milestone in the expansion of Bridgebank Capital, which will initially result in the ability to deliver material growth in bridging and short term lending. However, the relationship will also support the Group’s future growth plans in respect of other new loan products.

As part of its growth strategy, Bridgebank Capital is to open a new office in London later this month as a dedicated base for its Southern Region team of four dedicated Business Development Managers and supporting underwriters.

Laurence Goodman, Group Managing Director of Bridgebank, said: “We have invested a huge amount of time and effort over the last few years to identify the right funding partner for the business. This investment provides us with the ability to access as much funding as we require in order to grow the Group’s bridging and short term loan book, and to support the launch of other related loan products in the future.

“It is an exciting period for Bridgebank Capital with new people and products being introduced. We look forward to making further announcements over the coming months.”

Pamplona is a London-based alternative asset investment management firm that operates across private equity, fund of hedge funds and single manager hedge fund investments. The firm manages over $7 billion in assets for a variety of clients including public pension funds, international wealth managers, family offices and funds of hedge funds.

Nitin Bhandari, Partner of Pamplona Capital Management, commented: “Bridgebank Capital is facing a tremendous market opportunity and we are very pleased to partner with it. We are fully supportive of Bridgebank Capital’s future growth plans and see several opportunities to leverage our combined resources to create a market leading secured lending platform. We look forward to working with Laurence and his team and our fellow shareholders in the years ahead.”

Pepper Capital Advisors, which arranges debt and equity finance for businesses whose revenues are based on predictable asset or contract based cash flows, acted as a financial adviser to Bridgebank Capital in this debt and equity fundraising.

Jonathan Laredo, Partner of Pepper Capital Advisors, added: “We are pleased to have been able to successfully advise and help Laurence and his fellow shareholders in raising this capital. We look forward with anticipation to the next stage in Bridgebank’s evolution into one of the leading short term lenders in the UK.”