has rejected press reports that it had received a £5 million (€5.3
million) “boost” from its private equity backer, Anacap.
reported that Anacap had been “forced” to inject fresh funds into
the company because of “a potential covenant breach”. But Philip
White, CEO of Syscap, denied that there had been a “sudden”
injection of funds.
“This is money that has been put down into the business over the
past two years, a proportion of which has been used to pay down
leveraged debt and a proportion to leverage further funding,
consistent with the long-term strategy and covenants agreed with
our bankers.”
Over the last three years, Syscap has evolved from being mainly
a broker, to writing 50 percent of the business on its own books
today.
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“In order to be able to do that, you need to put equity into
these deals, so part of the investment is to raise further
funding,” he added.
Syscap is in the later stages of securing a 50 percent increase
of available funding through its bankers, RBS; and has recently
renewed and expanded its funding facilities with BNP Paribas Lease
Group and Lombard.
A more in-depth analysis of Syscap and the broker market
will be published in the next issue of Leasing Life.
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