Press Releases
Smedvig Capital leads sale of city invoice finance
Smedvig Capital, ("Smedvig" or "the Company") the London-based private equity company active in development capital for growth businesses, is pleased to announce that it has completed the sale of its investment in City Invoice Finance. Venture Finance PLC an independent invoice and asset based financier has acquired the business.
The Company has achieved a return of close to three times its original investment put into the business at its inception, when Smedvig led a group of investors to fund City Invoice's development.
City Invoice is an independent factoring and invoice discounting company established by a highly experienced team from International Factors and Alex Lawrie. It focuses on clients with turnover of between £0.15 million to £50 million and has built an enviable reputation and client base in the North West of England. City Invoice has been a member of the Fasttrack 100 and winner of the Insider Dealmaker North West Trade Finance Team of the year. The business is led by Dave Thomas and Dave Smith from International Factors and Carole Barrow from Alex Lawrie along with Peter Davis who between them have more than 60 years experience in the industry.
Johnny Hewett, Chief Executive of Smedvig and a director of City Invoice commented: "City Invoice had exactly the type of experienced industry practitioners that Smedvig seek to back. Their strong team have in the last few years developed a successful and award winning business. Smedvig has been closely involved with the company since inception providing an external perspective on all aspects of its development."
Dave Thomas Managing Director of City Invoice added: "Smedvig have been a great support throughout the most crucial development stages of the business. We have been able to rely upon them for both strategic and financial advice as well as funding."
For more information please contact:
John Hewett / Rob Toms
Smedvig Capital
Tel: 020 7451 2100
John West / Clemmie Carr
Tavistock Communications
Tel: 020 7920 3150
Notes to Editors
Smedvig Capital
Smedvig Capital is a London based private equity firm that has been instrumental in the growth of over 30 businesses since its founding in 1996. Smedvig believes that equity investing should incorporate high levels of involvement and support, working with management on strategy, finance, operational improvements and business development initiatives. The team shares a common background in strategy consulting, with additional experience in operations, start ups and banking.
Direct investments are usually in UK businesses, from development capital through to small buy outs, equity commitment £2 to £10m.
Smedvig Capital is authorised and regulated by the Financial Services Authority.
About Venture Finance
Venture Finance provides funding solutions from start-up to established businesses with a turnover of up to £200 million. Venture, a wholly owned subsidiary of ABN AMRO Bank N.V., helps companies looking to manage cash flow, fund business opportunities, purchase new machinery, merge with or acquire a new business or expand their operations.
Venture's core finance services are invoice and asset based finance, which use the value of outstanding invoices and other assets to release ongoing working capital back into a business.
Venture Finance is an authorised 'lender' of the Government's Small Firms Loan Guarantee Scheme by the Department of Trade and Industry (DTI).