Bridgebank Capital has secured a substantial new line of funding of potentially up to £100 million from funds managed by Pamplona Capital Management, an investment management firm with funds under management in excess of $7 billion.
Pamplona has also taken an equity stake in the Bridgebank Capital business, which as a result has led to a reorganisation of Bridgebank Capital and the establishment of a new group structure, with the formation of Bridgebank Capital (IM) Holdings Limited, as the Group holding company.
The move will result in the expansion of Bridgebank Capital, which will initially involve the ability to deliver material growth in bridging and short term lending. However, the relationship will also support the Group’s future growth plans in respect of other new loan products, it said.
As part of the growth strategy, Bridgebank Capital is to open a new office in London later this month as a dedicated base for its Southern region team of four dedicated business development managers and supporting Underwriters.
Laurence Goodman, group managing director of Bridgebank, said: “We have invested a huge amount of time and effort over the last few years to identify the right funding partner for the business. This investment provides us with the ability to access as much funding as we require in order to grow the Group’s bridging and short term loan book, and to support the launch of other related loan products in the future.
“It is an exciting period for Bridgebank Capital with new people and products being introduced. We look forward to making further announcements over the coming months.”
Nitin Bhandari, partner of Pamplona Capital Management, added: “Bridgebank Capital is facing a tremendous market opportunity and we are very pleased to partner with it. We are fully supportive of Bridgebank Capital’s future growth plans and see several opportunities to leverage our combined resources to create a market leading secured lending platform. We look forward to working with Laurence and his team and our fellow shareholders in the years ahead.”
