New regional fund completes £10m deal for Blackpool firm

By Dean

04 Dec 2015

Toscafund Asset Management’s recently-launched Tosca Debt Capital has invested £10m in Blackpool-based 1st Stop Group.

The Second Lien facility is the first deal for Tosca Debt Capital and will enable 1st Stop Group, which specialises in car finance, personal and home loans, to drive forward its ambitious growth plans.

Tosca Debt Capital provides debt capital to regional SMEs to facilitate buy-outs and acquisitions, capital raising and refinancing/enhancement of existing facilities.

Richard Williams, partner at Toscafund, said: “We’re delighted to have completed our first deal to support such an ambitious regional corporate. 1st Stop Group has a determined and experienced management team who have helped it establish a niche position.

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Alex Mollart, chief executive of 1st Stop Group, added: “Toscafund shares our vision for the future and has demonstrated its confidence in our potential by investing £10m into the business. The second lien facility will further support the group’s current debt suppliers and allow us to take a significant step forward with our growth plans.

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