News

01 June 2016Pollen Street Capital announces the sale of Target

Pollen Street Capital is pleased to announce that it has signed a definitive agreement to sell its interest in Target to Tech Mahindra for an EV of £112m.

Target is a leading provider of technology enabled outsourcing and software solutions for over 50 major financial institutions across the globe, including clients such as Goldman Sachs, Morgan Stanley, Credit Suisse, Barclays and Shawbrook Bank.  The platform manages assets in excess of £24 billion, enabling clients to automate complex critical processing, servicing and administration of loans, as well as investments and insurance. Target systems currently process over 18 million accounts and collect £3billion of direct debit payments each year on behalf of both private and public sector clients.  Under Pollen Street Capital’s ownership, Target has seen its revenue grow at an annual rate of 22% as the business has increased its rate of client wins.

This transaction continues Pollen Street Capital’s strategy of investing in financial services businesses that have the capacity to become market leaders, and follows the recent announcements of investment in Capitalflow, the Irish SME lender, 1st Stop, the UK consumer lender, and the successful IPOs of Shawbrook Bank and Banca Sistema.

Completion is subject to regulatory approval and is expected to close in Q3 2016.  

25 May 2016Pollen Street Capital announces investment in 1st Stop Group

Pollen Street Capital is pleased to announce a significant investment in 1st Stop Group Limited, the specialist consumer lender, with offices in Blackpool and Durham.

Established in 2009, 1st Stop Group has undergone significant growth across its Secured Lending, Car Finance, Personal Loan and Home Improvement Products, driven by its detailed understanding and experience of the near prime segments of its chosen markets. The investment by Pollen Street Capital will allow the group to continue to develop and grow its lending book whilst also investing in the infrastructure and platform to deliver an excellent level of customer service alongside the detailed and thorough underwriting to build a high quality lending business.

1st  Stop Group will be the second investment by Pollen Street’s third fund, which reached a first close in March 2016 and is targeting businesses where there is opportunity to deliver transformational growth by leveraging Pollen Street’s extensive experience and professional network across the financial services sector. Pollen Street Capital is a private equity fund manager focussed on investing in businesses in the financial and business services sector and has invested over £1.2bn in a range of businesses across all stages of development.

Commenting, Alex Mollart, Founder and Chief Executive of 1st Stop Group, said;

“We are delighted to announce this investment by PSC Fund III. We envisage significant growth in our chosen markets and look forward to working closely with the Pollen Street team, who have a recognised track record in our market space, to deliver on our growth aspirations.

Commenting, Lindsey McMurray, Managing Partner of Pollen Street Capital, said;

“We are very excited to have the opportunity to back Alex, Dave and the rest of the team at 1st Stop to continue the rapid growth they have achieved in their chosen specialist markets. 1st Stop possesses the qualities Pollen Street looks for in its investments, with an entrepreneurial and driven management team, a differentiated strategy and value proposition, and the clear potential to be a market leading business.  We look forward to working with the team to achieve our combined vision for the business”

20 May 2016Pollen Street Capital announces the acquisition of Capitalflow

Pollen Street Capital is pleased to announce the acquisition of Capitalflow, a specialist provider of asset backed loans to SMEs across Ireland.

The Irish SME lending market is poised for expansion driven by strong economic growth and investment. Pollen Street Capital believes there is a compelling opportunity for a well-capitalised, experienced, and nimble new entrant to successfully challenge incumbents who are still struggling with legacy balance sheet and infrastructure issues.

Capitalflow enables SMEs to access capital by utilising the value of their asset base, to support in managing working capital and pursuing new growth opportunities. It does this through offering Asset Finance, Invoice Discounting and full Asset Based Lending facilities. Capitalflow’s focus on quality of service and relationships, combined with its modern infrastructure and experienced team, means it is ideally placed to take advantage of the exciting market opportunity.

Pollen Street Capital is backing a highly experienced senior management team with a strong track record. The team brings with them proven origination capabilities, in-depth knowledge and decades of experience in generating excellent returns throughout the economic cycle.

Capitalflow is the first acquisition in Pollen Street Capital’s new fund, PSC Fund III. PSC’s investment will enable Capitalflow to grow its customer base and scale the lending book.

19 May 2016Honeycomb Investment Trust - Inaugural dividend announcement

Honeycomb Investment Trust plc (the "Company")

Inaugural dividend announcement

The Company today announces its intention to pay its inaugural dividend for the period to the 31 March 2016, in an amount of 2.11 pence per ordinary share. Further information may be found on the Company's website at:

http://www.honeycombplc.com/investor-relations/

12 May 2016Honeycomb Investment Trust - Completion of further issue of ordinary shares

Honeycomb Investment Trust plc (the "Company")

Completion of issuance of further ordinary shares

The Company today announces completion of the issue of a further 5 million ordinary shares at an issue price of 1,000 pence per ordinary share. Further information may be found on the Company's website at:

http://www.honeycombplc.com/investor-relations/