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Wednesday, October 16, 2019

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Shawbrook supports £15m credit facility for debt purchase firm

Theo Osborn | 12:00 Thursday 27th June 2019

Shawbrook Bank has supported a £15m credit facility with a syndicate of lenders for Lantern Debt Recovery Services Ltd.

Lantern — which is backed by Copper Street Capital — is a growing brand in the speciality finance market and focuses on purchasing and managing portfolios of unsecured consumer loans.

The new senior revolving credit facility is supported by a further £15m accordion and will provide Lantern with the capacity to acquire further loan portfolios.

The debt purchase firm has now acquired and managed over 250 portfolios with a combined value of around £1.3bn.

Alex Scott, analyst at Shawbrook Bank, said: “We have seen what Denise [Crossley] and her team have achieved at Lantern and were delighted when EY made the formal introduction.

“At Shawbrook, we have a lot of experience of structuring facilities for a range of non-bank specialist finance businesses, and putting together a bespoke facility for Lantern now gives them the flexibility and certainty they need to operate and grow sustainably.”

Denise Crossley, CEO at Lantern, added: “I’m very proud of the growth of our business over the last 10 years and the reputation we’re building for industry-leading standards of care.

“As a highly specialist business, it’s good to work with other specialists, like Shawbrook, who share our passion for and commitment to doing things the right way.”

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