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Debt purchaser Lantern Debt Recovery Services has raised a £15m committed senior revolving credit facility from Shawbrook Bank and Paragon Bank.
Editor at Credit Strategy. Previously held roles at Accountancy Age, Accountancy Daily and the Leicester Mercury.
The funds, which have a built in £15m accordion feature which can be used to increase the senior commitment if required, will be used to support the purchase of further non-performing consumer debt portfolios.
Lantern has acquired and managed more 250 portfolios since 2008, representing are £1.3bn. It is backed by Copper Street Capital, an alternative investment firm with a focus on the financial services sector.
Denise Crossley, chief executive of Lantern said: “Securing the new funding facility is an exciting development for Lantern, and reflects the confidence our institutional partners place in us. This is a significant endorsement of the talent of our team and business as a whole, where our skills, as a niche Purchaser of customers requiring a more bespoke collections approach, are in demand.”
Sarah Watts, director in structured finance at Shawbrook Bank said: "We are delighted to be able to support Lantern. The specialist wholesale team at Shawbrook has a lot of experience in the debt purchase space and we’ve been able to structure a bespoke facility for the business that will be transformational as they continue to implement their growth strategy."
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