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Debt lender raises a further 拢30m following a record year

Finance provider Frontier Development Capital is based in Birmingham and has offices in Bristol and Manchester

Sue Summers, chief executive of Frontier Development Capital(Image: Frontier Development Capital (FDC))

Finance provider Frontier Development Capital (FDC) has raised a further £30m from two of its existing investors.

The Birmingham-based company, which has an office in Bristol, supports smaller businesses and property developers nationwide with debt funding of £1m to £20m.

The additional funding comes from British Business Investments, which is a commercial subsidiary of the British Business Bank, and West Midlands Pension Fund. It will increase the size of its FDC Debt LP fund to £105m and bring its total funds under management to £445m.

FDC approved over £141m of investment for SMEs and property developers across the 海角视频 in the 12 months to the end of March 2023 – up 76% on the previous financial year.

Read more: WH Smith reports strong momentum across its global travel business as revenue soars by 31%

Sue Summers, chief executive of Frontier Development Capital, said: “We are grateful to our investors for this additional capital, which will enable us to extend our work in supporting the growth of SMEs. It comes after a landmark year in which we have approved a record amount of investment and joined forces with Mercia, which shares our passion for helping SMEs to thrive through the provision of flexible finance.

“Being part of Mercia will support our future fundraising efforts and help us identify even more potential lending opportunities. We look forward to further growth in the year ahead as we continue to establish FDC as a go-to provider of capital across the 海角视频 regions.”

Judith Hartley, chief executive, British Business Investments, added: “Following our earlier commitment to FDC’s Debt Fund in 2020, we are pleased to be making an additional commitment of £10m to the Fund. Our increased commitment allows FDC to support further lending to smaller businesses across the 海角视频, and particularly in the regions.’’