Foresight invests £16.8m in Signature

Katharine Hidalgo
27 January 2020

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Foresight Group has invested ТЃ16.8m in alternative lender Signature for a majority stake.

The firm, as well as Signature's management team, is acquiring the company from Cabot Square Capital. It invests from several VCTs as well as a range of institutional funds. Foresight Regional Investment II was announced in June 2019 and has yet to hold a final close.

Following the investment, the company plans to expand in the UK and bring new products to market. The company is also expected to announce a new chairman in the coming weeks.

Foresight will provide an initial £5m revolving credit facility.

Previous funding
In 2013, Cabot Square invested in the company. Cabot was investing from its CS Capital Partners IV vehicle, which closed on $300m in 2014.

Company
Based in Solihull with additional offices in Cardiff, Edinburgh and London, Signature specialises in short-term bridging finance loans to property developers, landlords, companies and investors. Loans are typically worth £50,000-1m. The company was founded in 2012.

People
Foresight Group – James Livingstone (partner); David Miles (investment manager).
Signature – Tony Gilbertson (CEO); David Hughes (finance director); Jon Preston (sales director).

Advisers
Equity – Osborne Clarke (legal); BDO (financial due diligence, tax); Luminii Consulting (commercial due diligence); Catalysis Advisory (management die diligence); Vista Insurance (insurance due diligence).
Company – VWV (legal); Heligan Partners (corporate finance).