Author: Seren Capital

Zenzic Capital is pleased to announce that it acted as corporate finance advisor to Gemporia Partnership (the “Partnership”) on their recent £25m senior secured facility from Santander. Santander UK has provided the £25m facility on a five-year term loan. The funding will enable the Partnership to satisfy deferred consideration from an historic EOT transfer and to focus on its continued growth trajectory, having gained over 50,000 new customers in the year to March.

The Partnership operates in the jewellery and home craft TV retail sector, sourcing and designing the products it sells through its TV shopping channels and website. Based in Worcestershire, the Partnership operates TV channels throughout the day on Sky, Virgin Media, Freesat and Freeview as well as online.

“On behalf of the Partnership, I wanted to say thank you to Zenzic for the great work they put in helping us find a great partner in Santander and putting together a deal that will enable us take the business forward. This has been a significant step for our business and Zenzic, have been integral to making it happen.”

Colin Wagstaffe, Managing Director at the Partnership

The scheme provides 26 new-build apartments with a mix of 1 and 2 bed units and has an expected GDV in excess of £6.0 million.

The facility provides part of the capital requirement for the development in the Bedminster suburb of Bristol, approximately one mile to the south of the city centre. The immediate area is subject to substantial regeneration proposals. Shawbrook Bank are providing the senior debt facility.

Special thanks to Chris Oatway of LDN Finance for bringing the deal to us.

The Zenzic Secured Lending (ZSL) facility of £777k over 16 months provides part of the capital requirement for the development by Antler Homes, a scheme of eight semi-detached 3-bed homes and one detached home, as well as four 2-bed apartments.  Paragon Development Finance are providing the senior debt facility. The scheme forms part of Antler Homes’ target of delivering 300 new homes over the next three years.

Andrew Rinaldi, Managing Director of Antler Homes PLC, commented, “Expanding our sources of capital to help us deliver on our targets for new home delivery is key to our growth plans, and we are delighted to be working with Zenzic on this important development.”

“We are pleased to have had the opportunity to provide this mezzanine financing facility to a developer of the calibre of Antler Homes, who continue to provide high-quality, spacious homes in the regions, which are going to increasingly be in demand in the post COVID world.  We look forward to becoming a funding partner that can contribute towards their exciting growth plans.”

Daryl Thorpe, partner at Zenzic

It will provide part of the capital required for the developer to convert an existing office block into residential flats.

The development will see two storeys added onto the original office block, increasing the capacity from 38 to 47 residential units once fully converted.

On completion, the project is expected to have a GDV of more than £13m.

Gautam, senior analyst at ZSL, led the team on the transaction, which took two months to close.

“We are delighted to be able to provide this mezzanine financing facility to Kings Oak for this new and exciting project in Staines. The deal came to us during the Covid-19 pandemic outbreak and demonstrates our ability to work diligently and collaboratively with multiple parties, despite the constraints of lockdown. By collaborating on this project, JIB and ZSL have successfully structured a funding package to enable this project to proceed.”

Zenzic Capital’s Principal, Theo Theodosiadis

Zenzic Capital completed, just before the start of the festive period, a senior loan facility towards a completed ground-up development of bungalows in Whitton. The funds have been used to refinance the outgoing senior lender while the developer is going through the sales process of the two remaining units of this four-bungalows development.

Zenzic were represented by Matthew North of Farrer&Co LLP.

“We are delighted to have completed another senior exit bridge amidst the final working days of 2019. That was the best close to an exciting year for Zenzic showcasing that there is more to come in 2020.”

Zenzic Capital’s Investment Director, Theo Theodosiadis

Zenzic Capital completed a mezzanine loan facility within six working days since receipt of the enquiry, expanding its exit bridge presence in the market, towards a completed conversion of an old building that has been converted into seven flats in Tunbridge Wells. The development offers a range of 2-bed and 3-bed apartments in an excellent location, close to amenities and travel routes, as part of an attractive 4-storey building. The funds released equity to the borrower to assist in securing another development project.

Zenzic were represented by Gary Richardson and Louise Kelly at Freeths LLP.

Special thanks go to Sam Le Pard of Arc & Co for introducing the deal.

“I’m genuinely happy for the Zenzic team to have completed the exit bridge loan in Tunbridge Wells so swiftly, considering the legal points that needed immediate resolution. A good asset, in an attractive location, with an experienced developer who we are looking forward to doing more business with.”

Head of Investment and Risk analysis at Zenzic Capital, Theo Theodosiadis