CHANCE CAPITAL RAISES £3.5M FOR SKS BUSINESS SERVICES LTD
SKS are pleased to report that they have been successful in raising a £3.5m debt facility. The agreement was signed with BMS Finance, part of GLI Finance and a specialist SME debt provider. The deal was secured by Chance Capital Ltd as appointed corporate broker, in collaboration with Rise Partners Ltd. This new debt facility will enable SKS to broaden their scope of accountancy acquisitions and bolster its already impressive growth trajectory. SKS have established themselves as an award-winning firm of chartered accountants operating a unique ‘shared-service’ model to offer clients a better value service. Their particular strengths are providing finance/accounting outsourcing for mid-sized companies and affordable, accurate, timely management accounts and board reports. They also provide accounting and back-office support for private equity funds including LP cash call, quarterly valuations, preparation of Financial Statements (US GAAP) including consolidation, liaison with Big 4 Audit firms and preparing budgets. Revenue has grown x 7 in four years with tremendous organic growth and a number of additional accounting firms in the acquisition pipeline. Sanjay Swarup, Director at SKS said ‘SMEs in the UK generally do not have access to a professional finance function as larger companies do (such as BP whom I worked for 7 years). SKS bridges this gap by providing affordable tax advice, accounting, modelling (to assist with finance raising), integration of operational software with accounting packages and regular management accounts. All this provides efficient monitoring of businesses at affordable rates. We are pleased to be backed by BMS so that we may expand this successful proposition’. Hugo Chance, CEO at Chance Capital Ltd added ‘We are delighted to assist SKS in securing this new debt facility which will enable them to acquire several strategic practises over the coming months’. BMS Finance is a specialist SME finance company with funds to lend to growing, established businesses backed by robust business models and talented, experienced management teams. BMS Finance focuses on high growth companies at or approaching profitability, with operations in UK and Ireland that require between £0.5 million and £6 million of debt to finance working capital, capital investment, acquisitions, MBOs or other specific growth-related opportunities.