<
p>A lender has increased its stake in the equity of Platform Black Limited by 44%.
GLI Finance now holds 44% of Platform Black’s ordinary shares, having expanded on its equity increase in June this year after holding a 20% stake in the business since September 2013.
The acquisition will see Platform Black Directors John Regan and Jason Batten increase their stakes in the peer-to-peer lender to 20% each, having provided initial seed funding for the business since August 2012.
GLI Finance has also increased its stake to 20%.
"Platform Black has made huge headway over the last year and is going from strength to strength.
“I am delighted with the opportunity to take a larger stake in this exciting business,” said John.
In June Platform Black appointed ex-Aldermore manager, Gareth Jones, as its Business Development Manager to help with growth and development of new products.
In December 2014, Platform Black also underwent a reshuffle as its founders, Colin Levins and Louis Beaumont, stepped down to join GLI Finance.
"We made our decision to increase GLI's stake in Platform Black in June this year but completed the transaction in two stages in order to allow the other major shareholders the opportunity to join us,” said Geoff Miller, Chief Executive of GLI Finance.
“We are very pleased to see that they share our confidence in the recent operational and personnel changes at Platform Black as well as the performance of the business."
GLI Finance revealed 120% loan growth during the past 12 months as it issued £227m worth of loans for SMEs across the UK, US and Europe.
A lender has increased its stake in the equity of Platform Black Limited by 44%….
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