Beechbrook Capital, a specialist direct lender, says its inaugural UK SME Credit Fund has recorded its first close with commitments of more than £100 million. The fund will support small and medium-sized businesses in the UK with a turnover of between £10 million and £100 million and earnings before interest, taxes, depreciation and amortisation of more than £1 million.
The fund will provide mainly senior secured loans to non private equity-backed businesses to support acquisitions, buyouts, shareholder re-alignments and general expansion plans. It is estimated there are around 40,000 UK businesses in Beechbrook’s chosen target range.
Specialist advisers Ian Milton and James Newsome of Arbour Partners will continue to advise Beechbrook on fundraising for the UK SME fund’s final close.