Academy of Contemporary Music secures £2.4m loan from ThinCats
THE OWNER of the Academy of Contemporary Music (ACM), which counts Ed Sheeran (pictured) and Kate Nash among its former students, has secured a £2.4m loan from peer-to-peer lender ThinCats to expand the business.
ACM’s owner Kainne Clements is already in talks to secure a third site for the specialist music college, as it looks to double its student numbers.
Kainne Clements also owns Metropolis Studios, where mega-stars including Michael Jackson, U2 and Amy Winehouse have recorded albums.
“We approached a number of funders as part of this process, but what really appealed to ACM was ThinCats strong understanding of the business, and their ability to structure the funding appropriately,” said Damian Webb, partner at consultancy firm RSM, which advised on the deal.
“The ability to speak to real people who can respond quickly was a real factor in choosing ThinCats ahead of other lenders.”
Dave Sherrington, who heads business origination at ThinCats across London and the South East, said: “Working with RSM on this deal was a real pleasure.
“The level of information and understanding of both parties’ requirements allowed us to deliver a compelling solution, quickly.
“We are pleased to be supporting such an ambitious and successful entrepreneur as Kainne Clements and look forward to supporting his future plans for the business.”
ThinCats announced earlier this month that it has gained full authorisation from the Financial Conduct Authority, paving the way for the launch of its Innovative Finance ISA.
It said that it plans to offer “a full spectrum of smart investment products,” with a number of developments planned.