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Capitalflow Lends Approximately €10m To Hospitality Sector

Published on Jul 12 2021 1:44 PM in General Industry tagged: Trending Posts / Capitalflow / Bunq

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.

Horgan Statement

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.

© 2021 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.

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