ArchOver via its crowdlending platform has successfully raised £2.3m to support the growth and development of Perth-based occupational healthcare company Duradiamond Healthcare. It is believed to be the largest non-property related working capital facility ever raised by any platform anywhere in the world.
Commenting on the loan, ArchOver CEO Angus Dent said: “We are obviously delighted that we have been able to assist Duradiamond Healthcare, an exceptionally fine Scottish company that we are convinced is destined for greater things. However, this is also ArchOver’s largest loan by far and so we are equally pleased for ArchOver and its growing band of loyal lenders. Everyone involved has worked very hard to bring this campaign to a successful conclusion.”
“Above all, this makes a massive statement about the effectiveness of crowdlending in the modern financial marketplace. We have demonstrated that we have the systems, structure and capacity to offer a genuine alternative to the banks when it comes to providing flexible finance to young growth companies. It is a good outcome for all concerned.”
The loan replaces a facility provided by RBS of £1.8m and increases the working capital available to the company. Duradiamond Healthcare needs additional working capital to service its growing business. As a result of the four new contracts, Duradiamond Healthcare is expecting its turnover to increase by almost a fifth to £14m this year, rising to £17m and £21m in 2017 and 2018 respectively.
Chief Executive Dr Chris Pugh said: “We are delighted with this new form of finance which will enable us to fulfil our growth opportunities across the UK.”
The deal was introduced by Neil Davidson, founder and MD of Alderburn Finance Solutions based in Edinburgh.