Reparo Finance enters 2017 with new eight-figure fund
Posted by Richard Bell on 10 Jan 2017
Business lender Reparo Finance is introducing a new eight-figure fund to support enterprises across the North.
The Manchester-based company completed 25 deals in 2016, lending between £10k and £500k to firms in need of rapid access to working capital.
Reparo’s new fund will include asset-secured deals of up to £2m following backing by institutional and private investors.
The firm has forecast a 100% increase in deal flow over the next 12 months and is already recruiting new staff to meet a growing demand.
Andrew Ward, Reparo’s founder and managing director, commented: “The deal flow in 2016 was strong and we have grown the team as the market has got to know our offering, and we now see a steady flow of enquiries from both borrowers and intermediaries.
“The new backing will allow us to provide funding of up to £2m to satisfy the medium-term cash requirements of some larger businesses that previously we have been unable to assist. We have a really strong pipeline for Q1, and expect to double deal flow by the end of the year, probably completing a deal each week on average in 2017.“
Reparo’s 2016 deals included businesses in the manufacturing, engineering, agricultural, professional services, construction and property sectors.
Speaking further, Andrew said: “There isn’t just one sector that saw more demand than others, funding is proving to remain an issue for businesses across the board.
“The spread of sectors was very wide, but the common theme was that they all wanted rapid access to working capital and we were able to provide the cash within a few days.“
Reparo Finance, which also has an office in Leeds, will expand during Q1 2017 by appointing at least two new consultants to its growing five-strong team.