Tosca Debt Capital invests £10m in Blackpool finance firm

Tosca Debt Capital, the recently launched Manchester-based debt fund from Toscafund Asset Management, has completed its first deal.

The fund provided 1st Stop Group, a car, home and personal loans company headquartered in Blackpool, with a £10m second lien facility.

1st Stop Group will use the debt capital investment to unlock new opportunities in its three core markets.

Alex Mollart, the chief executive at 1st Stop Group, said: “Toscafund shares our vision for the future and has demonstrated its confidence in our potential by investing £10m into the business.

“The second lien facility will further support the group’s current debt suppliers and allow us to take a significant step forward with our growth plans.”

He added: “Being the first business to receive investment from Toscafund is a notable achievement and given the practical and pragmatic approach that we’ve received from the team, we’re sure that many more firms will reap the same benefits.”

The Tosca Debt Capital fund was set up to help the region’s SMEs achieve growth by investing £110m by early 2016.

Toscafund partner Richard Williams commented: “We’re delighted to have completed our first deal to support such an ambitious regional corporate.

“1st Stop Group has a determined and experienced management team who have helped it establish a niche position.”

Richard continued: “We saw great potential in the business from day one and our support along with the UK’s positive economic outlook will help 1st Stop Group capitalise on the UK’s increasing appetite for personal finance and loans.”