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Peer2Peer Finance News | September 23, 2019

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GLI Finance secures £50m funding line from Honeycomb

GLI Finance secures £50m funding line from Honeycomb
Suzie Neuwirth

GLI FINANCE, the Aim-listed alternative finance group, has secured a new funding facility with Honeycomb Investment Trust.

The three-year funding line has a £50m accordion and revolving credit facility, meaning that GLI has the right to increase its line of credit with the lender.

£20m of the £50m facility will be deployed immediately, GLI said in a stock exchange announcement on Monday.

The funding will be used to expand the activities of Sancus, a peer-to-peer platform offering a range of working capital solutions for businesses.

Read more: GLI Finance’s losses widen

Andy Whelan, chief executive of GLI, said the new funding line would facilitate further expansion of the group’s property lending business.

“Establishing such a facility has been one of our key stated objectives and is additional testament to the strength of the Sancus offering and our rigorous credit management,” he said.

Read more: Funding Knight completes rebrand into Sancus family

“We are delighted to provide this funding line to GLI for use within their Sancus business,” said Howard Garland, partner of Pollen Street Capital, the investment manager of Honeycomb Investment Trust.

“We have been impressed with their business model, the discipline they have shown in their credit policy, and the opportunities available to them.”

Sancus separately announced on Monday that it has hit the £200m lending milestone, which has helped push lending across all Sancus BMS Group brands to £700m over the past four years.

The P2P sector is seeing an increasing number of City funding deals. Earlier this month, Funding Circle’s listed fund unveiled a deal with Citibank, whereby the financial institution indirectly channels £50m to small businesses through the P2P lending platform.