Capitalflow Lends Approximately €10m To Hospitality Sector
Dublin-based alternative business lender Capitalflow has lent approximately €10 million to the hospitality sector over the past two months, according to its chief executive, Ronan Horgan.
The Business Post quotes Horgan as saying, "Last year was challenging for lending.
"SMEs weren’t looking to invest in their businesses, property, factory or machinery, or recruit more people, that wasn’t happening. The knock on effect of that for lenders is there’s less activity.
"People have confidence to invest and borrow again.
"In the last couple of months we’ve financed about €10 million in hospitality lending to hotels and restaurants, with customers forecasting that this will come back strongly, and we're seeing that."
Horgan reportedly said that hospitality accounts for 15% of Capitalflow's lending, and, "In these cases they're in really good locations with a decent amount of equity going into the deals and promoters that are very experienced."
Acquisition By Bunq
Last week, Capitalflow, which is backed by London private equity house Pollen Street Capital, announced that it will be acquired by Dutch challenger bank Bunq, in which Pollen Street reportedly has just invested to take a 10% stake.
The acquisition is reportedly subject to Dutch central bank approval, and is expected to take three or four months.
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