Posted: 20 / 08 / 2020
Our specialist funding arm, Sedulo Funding Solutions, has successfully secured a £1.5m Coronavirus Business Interruption Loan (CBILS) for AIM-listed Live Company Group PLC (LVCG) through merchant bank Close Brothers.
The facility refinances more expensive debt in the business whilst improving the security pledge. The new finance facility is for a five-year term with a headline rate of 7.68%, a 5% decrease from their previous rate with another funder.
The business had initially struggled to secure the facility with other funders due to the nature of the business and the unusual nature of the assets being used as security (children’s building blocks). Sedulo worked closely with Close Brothers to ensure the deal was structured correctly, offering security and further growth opportunities for Live Company Group PLC.
Founded in 2017 by Chairman David Ciclitira, LVCG is a live events and entertainment group and owns the BRICKLIVE brand, a global content provider for brick-based events.
Since the funding was confirmed, Live Company Group’s share price soared by 22% to 12.5p on the AIM.
Founder and Chairman, David Ciclitira said:
“The debt restructuring provides us with an innovative way of reducing our cost of capital for the next five years. I would like to thank Riverfort for their support over the past few years when we needed it most. We are delighted to have formed a new partnership with the highly-regarded Close Brothers Ltd, introduced by Sedulo Funding Solutions, and we look forward to working with them over the next stage of our growth.”
Senior Funding Manager at Sedulo Funding Solutions, Brad Britch, said:
“It was brilliant to work closely with Live Company Group PLC and help them achieve their financial goals. From the start I could see how passionate David and his team are about the company. Finalising the deal with Close Brothers is a small step in their growth journey in what looks to be an exciting future.”