Goldsmiths refinances

Bank of Scotland Corporate Financing has beateninterest from a large number of competing banksto arrange a £75m financial package forGoldsmiths Group.

The money will be used both to refinance existingfunders and to support an exit strategy fortheincumbent venture capital partner, Alchemy.Ian Pirrie, director of structured finance at Bankof Scotland, says that talks are on-going for theexit of venture capital investors Alchemy Partners,and Jurek Piasecki, CEO of Goldsmiths, says ‘wehave partnered with Bank of Scotland StructuredFinance to facilitate the ultimate exit of ourventure capital partner’. However, Jon Moulton,managing director at Alchemy, says ‘while at somestage an exit will happen, there is nothingimminent’, and denies any present negotiations.Alchemy originally invested £25.4m in 1999,including a high-rate preferred loan, taking a 44%equity stake.

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