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4 February 2020: British Business Investments, a commercial subsidiary of the British Business Bank, has announced a commitment of £50m to Tosca Debt Capital’s (TDC) third fund (‘Fund III’) at first close, with the fund targeting a final close of £300m later this year.
As with TDC’s previous two funds, Fund III will continue to focus on funding regional businesses across a range of sectors, with a focus on those located within the Northern Powerhouse.
Catherine Lewis La Torre, CEO of British Business Investments said: “This commitment to TDC supports British Business Investments’ objective to tackle regional imbalances in access to finance for small businesses, with this third fund continuing to provide finance to UK smaller businesses, particularly across the North and the Midlands.”
Gary Davison, Partner at TDC said: “We are delighted to have received this level of commitment from British Business Investments, which demonstrates their support for our strategy and endorses our performance to date. Investment of this scale allows us to continue on our journey providing much needed capital to regional businesses,
allowing them to reach their full potential.”
Manchester-based TDC is a regional SME-focused debt fund. To date, it has completed more than 25 investments and deployed over £300m.
ENDS
For more information:
British Business Investments
Scott Shearer
Senior Communications Manager
0203 772 1351 / 07770 704 761
Scott.Shearer@british-business-bank.co.ukLink opens in a new window
Suzanna Jebbitt
Corporate Communications Manager
07827 552 301
Suzanna.Jebbitt@british-business-bank.co.ukLink opens in a new window
TDC
For all TDC media enquiries, please contact:
Jenny Woolley, TWA Marketing +44 (0) 01772 450990
About British Business Investments
British Business Investments is the trading name of British Business Investments Ltd, a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. It forms part of the British Business Bank’s commercial arm.
British Business Investments aims to earn a commercial return by investing – through finance providers – in smaller businesses and small mid-caps, pursuing investments on a fully commercial basis without receiving any economic advantage from the government. Find out more at bbinv.co.ukLink opens in a new window.
British Business Bank plc and its subsidiary entities are not banking institutions and do not operate as such. Neither British Business Bank nor its principal operating subsidiaries are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc websiteLink opens in a new window.
The investment from British Business Investments into Tosca Debt Capital (TDC) Fund III does not amount to any endorsement or warranty from British Business Investments, the British Business Bank PLC, or the government of the UK.
About TDC
Tosca Debt Capital (TDC) is a regional debt fund with a focus on supporting the growth of established SMEs. Its debt capital supports regional markets, particularly the Northern Powerhouse, which has long been underserviced by traditional lending.
Its experienced team bring unrivalled knowledge of the debt market, with all decision making, underwriting and portfolio management taking place in its Manchester base.
TDC’s influence stretches beyond the capital it invests, with it building several partnerships with like-minded social organisations across the Northern Powerhouse, which draw upon the team’s unique experience to drive growth,
and also sees TDC give back to the communities within which it operates.
TDC’s mission is to be a sustainable, committed regional SME lender that supports a growing investment portfolio through an experienced and relationship-driven investment team.
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