Foresight Group has provided a £40m senior debt facility to small business working capital lender Revolve, as it looks to scale its loan book and double in size in the next three years.
The investment manager said the new facility gives Revolve additional lending capacity and positions it to provide “much needed” flexible financing to the UK’s small- and medium-sized enterprises (SMEs).
It takes Foresight’s committed capital to the specialist lending sector to more than £570m.
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Foresight’s private credit strategy provides wholesale capital to specialist lenders across the UK and Ireland, offering structured senior or subordinated facilities across a range of asset classes.
Manchester-based Revolve, previously known as Seneca Trade Partners, offers SMEs short-term revolving loans of up to £300,000 to fund the purchase of stock, or for general working capital requirements.
Since its inception in 2016, Revolve has provided in excess of £250m of stock finance to over 500 clients.
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“Securing a £40m funding line from Foresight represents a huge step forward for our business. We’re proud of the confidence Foresight has shown in our model and our momentum,” said Chris Diver, director at Revolve.
“This facility gives us the scope and the firepower to pursue our growth ambitions, we are aiming to double the size of the business within three years.”
Dan Lawson, investment director at Foresight Group, called the team at Revolve “highly experienced”, having built a business that offers flexible funding to “an underserved SME market”.
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