Platform Black to rebrand after £50m cash injection

Platform Black to rebrand after £50m cash injection




Lending marketplace Platform Black has announced a rebrand following further investment from its majority shareholder, Sancus BMS Group.

Platform Black will be renamed Sancus Finance Limited at the end of this year after the GLI Finance-owned group purchased an additional 10% of shares from minority investors, taking its holding to 93.93% at a £3.5m valuation.

Sancus also entered into an agreement with investment consortium Minority Investor Group (MIG) MIG which will lend up to £50m through the platform and buy Sancus’s 10% of shares at a £3.5m valuation for cash.

Caroline Langron, managing director of Platform Black, said: “This a really positive news and demonstrates the continued robust support from both GLI Finance and Sancus BMS Group over recent months for Platform Black, which is now a key part of their portfolio.

“The injection of £50m into the business by the MIG enables us to boost further our capability to fund the demand we are seeing from UK businesses looking for flexible sources of finance.

“Being part of a larger group brings many benefits to our clients as we will be able to draw on the resources of our shareholders and the wider Sancus BMS Group companies to ensure that we continue to satisfy our clients financing requirements.”

The deal included a future option for MIG to acquire an additional 20% stake in Platform Black at a valuation of £5m.

The news follows the appointment of Andy Whelan as CEO of GLI Finance in December 2015, amid plans to simplify the group’s structure and increase levels of commercial operating and financial integration.

Andy oversaw the transfer of GLI Finance’s holding in Platform Black to Sancus. 

Launched in 2012, Platform Black has provided over £132m of funding through its lending marketplace.

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