Prestige and classic vehicle funder JBR Capital, has agreed a committed warehouse facility with a ‘major’ international bank for £60m. The name of the bank was not disclosed.
Through the warehouse facility, the company will be provided with debt funding secured against its assets.
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According to the company, this deal will allow it to focus on growing its core business rather than having to return to the market for refinancing.
JBR Capital co-founder and chief financial officer, Shalom Benaim, said: "This facility is for a period of up two years and has been structured through a special purpose financing conduit. The commitment will further enhance our rollout plan throughout 2015 and we look forward to successfully deploying these funds."
The deal follows on from the acquisition of JBR Capital by an affiliate of Cabot Square Capital in January, which involved an investment of up to £30m to fund further business growth.
In addition, the company recently expanded its management team with the appointment of Bryan Marcus (formerly at VW Financial Services) as chairman and Stephen Halstead (from private equity backed Metaswitch) as chief operating officer.
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By GlobalDataJBR Capital provides hire purchase and lease purchase loans ranging from £25,000 to £1m for prestige cars to individuals and businesses.
