Partner Article

Positive Cashflow secure £22m RBS funding line

RBS Invoice Finance and NatWest are set to funnel £22m to Manchester-based firm, Positive Cashflow Finance.

The deal will see the directors of Positive take a majority shareholding in the business, which was founded five and a half years ago and also holds offices in Birmingham and Basingstoke.

Positive received backing from private equity firm Infinity Asset Management in December 2007, and recently announced profits of £652,000 for 2012 and revenues of £3.6m.

The firm provides funding facilities from £10,000 up to £1m to improve working capital, fund acquisitions and accelerate growth.

Positive’s managing director David Smith, commented: “With this deal [our investors] will realise part of their investment but retain an interest in our business moving forward. We opened two new offices last year and have ambitious plans for further growth.

“When we were approached by RBSIF it became clear that they shared our vision for the future and put together a financial package that worked.

“The increased funding line will enable us to continue to develop and provide much needed working capital to SMEs throughout the UK.”

Daniel Finestein, managing partner at Infinity, added: “Positive has been a great investment for us achieving every target set and we are delighted to be able to realise a partial exit whilst retaining a stake in what is a very exciting business”

Director of business development at RBSIF, Sean Powell, concluded: “We are delighted to have assisted Positive through this share purchase and look forward to working with them in achieving their continued growth.

“This underlines the commitment of both RBSIF and Positive in supporting the SME marketplace.”

Bermans, Shoosmiths, Lockett Loveday McMahon and Gateley all provided legal advice on the deal.

This was posted in Bdaily's Members' News section by Miranda Dobson .