TIDMMERC

RNS Number : 0884O

Mercia Asset Management PLC

27 May 2020

 
 RNS Reach              27 May 2020

Mercia Asset Management PLC

("Mercia" the "Company" or the "Group")

Mercia accredited by BBB under CBILS

Mercia Asset Management PLC (AIM: MERC), the proactive regional specialist asset manager, is pleased to announce that the British Business Bank ("BBB") has accredited the Group to deliver its Northern Powerhouse Investment Fund ("NPIF") debt mandate under the new Coronavirus Business Interruption Loan Scheme ("CBILS").

CBILS provides financial support, via its accredited lenders, to smaller businesses ("SMEs") across the UK that are losing revenue and seeing their cash flow disrupted as a result of the COVID-19 outbreak. BBB's accreditation will enable Mercia to increase its lending, initially across its existing portfolio, and ultimately to all eligible regional SMEs.

Dr Mark Payton, CEO of Mercia Asset Management, said: "Through our managed funds we have been lending to ambitious small businesses in the UK regions for over 20 years. With a portfolio of over 400 companies across our venture, private equity and debt funds, we have considerable experience of supporting businesses through previous economic cycles and are familiar with the cash flow demands that arise during times of economic stress. We are therefore pleased to be able to play our part, in conjunction with NPIF and BBB, as we continue to deploy capital during the COVID-19 outbreak, to those regional SMEs that need it most."

About Mercia, BBB and CBILS

Mercia now manages GBP187.7million on behalf of the BBB, having recently been allocated an additional GBP54.3million to its existing NPIF equity and debt investment mandates. The Group's relationship with BBB started in 2016 when Mercia was awarded both NPIF debt and equity mandates, having successfully managed previous JEREMIE Funds launched in 2010.

Mercia is lending through NPIF and can provide term loans from GBP100,000 up to GBP750,000 to SMEs, with a focus on Yorkshire and the Humber regions.

Ends

For further information, please contact:

 
   Mercia Asset Management PLC 
    Mark Payton, Chief Executive Officer 
    Martin Glanfield, Chief Financial Officer        +44 (0)330 223 
    www.mercia.co.uk                                           1430 
   Canaccord Genuity Limited (NOMAD and Joint        +44 (0)20 7523 
    Broker)                                                    8000 
   Simon Bridges, Richard Andrews 
 
   N+1 Singer (Joint Broker) 
                                                     +44 (0)20 7496 
   Harry Gooden, James Moat                                    3000 
 
                                                     +44 (0)20 3727 
   FTI Consulting                                              1051 
   Tom Blackwell, Louisa Feltes, Antonia Powell 
   mercia@fticonsulting.com

About Mercia Asset Management PLC

Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital across its four asset classes of balance sheet, venture, private equity and debt capital: the Group's 'Complete Capital Solution'. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet.

The Group has a strong UK regional footprint through its eight offices, 19 university partnerships and extensive personal networks, providing it with access to high-quality deal flow. Mercia currently has c.GBP800million of assets under management and, since its IPO in December 2014, has invested over GBP90million across its direct investment portfolio.

Mercia Asset Management PLC is quoted on AIM with the epic "MERC".

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May 27, 2020 06:08 ET (10:08 GMT)

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