Pioneers Post has commented on BWB’s involvement in advising the HCT Group on its refinancing, which has raised £10,000,000. HCT Group is a social enterprise transport operator providing over 20million bus journeys each year and employing over 1000 members of staff.
Simon Steeden was quoted describing HCT as “the sort of progressive social enterprise that we love to work with and we are proud to remain at the forefront of developments in recognising social impact in the business and finance worlds.” The full article can be read here.
David Hunter, Joanna Howard and Felicity Cottle advised the HCT Group, as borrower under a series of new lending arrangements. At the same time, acting behind an information barrier, Louise Harman, Jess Long and Natalie Ali advised the lenders to HCT, including Big Issue Invest, The Phone Co-op Limited, Esmée Fairbairn Foundation, City of London Corporation, Social and Sustainable Capital and FSE.
The refinancing represented the final part of HCT’s capital raise and the deal has been described as the “largest of its kind in the investment sector”. This kind of deal reflects the growing strength of BWB’s social finance practice and its capacity to do complex and cutting-edge work.
Luke Fletcher has commented that this has been “a ground-breaking syndicated loan deal” and how it is “a sign of a maturing social investment market and an indication of the ways in which social investment can be used to provide patient forms of capital on advantageous terms to successful and growing social enterprises like HCT”.
Louise Harman (née Saunderson)
- +44(0)20 7551 7679
Posted on 10/12/2015 in BWB In The MediaBack to Knowledge