Credit, Collections & Insolvency News
Dept Purchaser, Lantern Debt Recovery Services has announced that it has raised £15 million in a committed senior revolving credit facility from a syndicate of lenders. The lenders consisted of Shawbrook Bank and Paragon Bank. The funding will be used to support the purchase of further non-performing consumer debt portfolios. The facility also has a built-in £15million accordion feature which can be used to increase the senior commitment if required.
Launched in 2008, Lantern is a leading company in the speciality finance debt purchase market, with a focus on purchasing and collecting portfolios of unsecured consumer loans. The company jas acquired and managed over 250 portfolios since 2008, representing c.£1.3billonn of face value,
Commenting on the transaction, Denise Crossley, CEO of Lantern said “Securing the new funding facility is an exciting development for Lantern and reflects the confidence our institutional partners place in us. This is a significant endorsement of the talent of our team and business as a whole, where our skills, as a niche Purchaser of customers requiring a more bespoke collections approach, are in demand.”
Lantern is backed by Copper Street Capital, an alternative investment firm focused on the financial services sector. Justin Bull, Partner and COO of Copper Street Capital said “This is another important step in Lantern’s development and the establishment of this facility will enhance the firm’s growth plans”
Sarah Watts, Director in Structured Finance at Shawbrook Bank said “We are delighted to be able to support Lantern. The specialist wholesale team at Shawbrook has a lot of experience in the debt purchase space and we’ve been able to structure a bespoke facility for the business that will be transformational as they continue to implement their growth strategy.”
EY was appointed as sole financial advisor to run the process to explore senior funding options.
