Pierce provides due diligence on £2.5m Growth Funding project

Blackburn-based firm Pierce Corporate Finance has worked alongside alternative funding provider ThinCats to advise Canvas, a dynamic company offering bespoke private office spaces on a £2.5m growth funding project.

Founded as R & R property in 2013 by brothers Yaron and Oren Rosenblum, the business successfully adapted and grew after 5 years into Canvas, and pride itself in creating productive working office environments, allowing businesses to thrive. They source and repurpose vacant or underperforming self-contained buildings of 5000 to 25000 SQFT.

Stuart Thompson and Stephen Gater of ThinCats provided the £2.5m in funding that will allow Canvas to accelerate its growth by expanding its property portfolio across strategic locations in London. The company plans to launch 11 additional buildings, tripling the size of the business over the next 18 months.

Stuart Thompson, head of transitional capital, ThinCats said: “I was impressed by Canvas’ proven ability to stabilize the business and drive scalable growth during the economically challenging Covid-19 period. While this is the first round of investment ThinCats has delivered to Canvas, we are keen to support Yaron and Oren as they are already focused on securing equity investment to drive international growth within the next two years.”

The Pierce Corporate Finance Team led by Director Kevin Steven provided the due diligence report thus confirming the positive overall standing of Canvas within their market.

Corporate finance director Kevin Steven added: “It has been great to work with ThinCats and following extensive work see the successful completion of this project that will provide exciting developments for Canvas over the next 18 months. We look forward to them continuing to grow and wish them a prosperous future with expansion into the international market.”