Provided second line financing to support multi-channel book retailer with funding arrangements.
We already had a good working relationship with The Book People, having conducted a comprehensive valuation for ABL purposes in 2013. Headquartered in Godalming, Surrey, the award-winning, independent bookseller approached us with regard to funding requirements. We were asked by the company and the senior ABL lender to provide additional second lien financing to supplement The Book People’s funding arrangements. Our comprehensive understanding of and ability to leverage asset values, familiarity with the business and access to permanent in-house capital enabled us to provide incremental funds through a £2.5 million Term Loan facility. The loan, supported by inventory and real estate assets, bolstered the award-winning business outside of its main trading periods, enabling the bookseller to work towards an equity recapitalisation, which was achieved in late 2014. Following this transaction, we continue to work alongside The Book People as a partner of choice, to provide collateral inventory valuations.