Ashcombe advises Tower Street Holdings on a significant capital raise
Ashcombe is pleased to announce that is has advised Tower Street Holdings (“TSH”) on a significant capital raise, including a £50m senior secured credit facility from Pollen Street Capital and new equity from a number of investors. Stephan Wilcke and Andrew Herd, two very experienced financial services professionals, will join the Tower Street group board as senior board advisor and non-executive director, respectively.
Founded in 2019, TSH is the largest probate lending business in the UK, providing loan products and facilities for beneficiaries and executors of an estate. TSH was the first firm to offer these products in the UK and has originated more than £60m since 2020, working with more than 250 distribution partners while operating a growing direct-to-consumer channel. Its products offer flexible and attractive financing on a non-recourse basis for IHT, estate expenses and early drawdown against inheritance pay-outs. TSH estimates the addressable value of inheritances to be more than £80bn p.a.
Robert Husband, Tower Street CEO, said:
“We are delighted to have raised further capital to underpin our ambitious growth strategy, affirming our position as the leading provider of probate lending solutions in the UK. We are equally pleased to have secured the support of two highly experienced professionals in Stephan and Andrew. We look forward to working with them to further drive growth and development in the business. Financing processes of this kind are time-consuming and complex, especially when they take place in as challenging a year as 2022. We are therefore particularly pleased to have raised capital on attractive terms from such experienced investors, and are grateful for the support and counsel we received from Ashcombe during this process.”
Andreas Wesemann, Partner at Ashcombe, commented:
“We have had a long-standing relationship with the shareholders and founders of TSH who over the past few years have created a new product category in the UK lending market. TSH today is by far the most sophisticated and largest operator in this space, and we are highly confident that it can grow and maintain its market leading position in coming years.”