Advisory Firm Avonhurst Announces BCI Finance Transaction

Innovative firm Avonhurst advises BCI Finance on the financing of a financial assets acquisition

https://www.avonhurst.com/

LONDON – Avonhurst acted for BCI Finance, a direct lending fund, in relation to the financing (together with NatWest bank) of the acquisition of a consumer loans portfolio from Huddle Finance 2 Limited.

The portfolio was purchased by Verdam Limited with Salary Finance Limited acting as the Servicer. The transaction represented a return to the existing lenders to Huddle Finance 2 and added a new type of asset to BCI’s investment portfolio, whilst providing a new structured and management solution for the underlying loan book. Finance partner Ian Frost led on the matter with assistance from Senior Associate Rafael Serrano, Associate Oliver Elsaesser and Trainee Jennifer Falconer-Hall.

Sam Kemp, MD at BCI, comments:

“The structure of this transaction and the nature of the underlying loans are a very good illustration of the type of deal we like to get involved in at BCI. Partnering with Salary Finance we were able to get comfortable with the ongoing servicing of this loan book and giving us the opportunity to continue to enhance consumer well-being. Avonhurst were a fantastic partner in helping us to manage the multiple stakeholders involved in this transaction and bring it to a close within a particularly tight timeframe.”

Ian Frost, Finance partner, comments:

“We are proud to have acted for BCI in this financing. This matter represents part of our continued engagement in designing bespoke capital structures for alternative capital providers to invest in asset-based lending. It further shows that even in the current climate, deals are being done and that we continue to advise a growing roster of clients on their most strategic matters.”

Jonathan Bloom, Chief Executive of Avonhurst, comments:

“This is further illustration that in these challenging times the Avonhurst offering – that of joined up, bespoke advice that spans legal, legislative / political risk advisory and capital services – is one that is increasingly sought out by sophisticated capital clients. While we are seeing continued activity in corporate business, we are increasingly in demand for advice on restructuring, real estate, banking and political risk. This is a trend we expect to continue as clients turn to us to help them navigate both the challenges and opportunities of this extraordinary time.”