Archant’s new owner has received £5m of financing to complete its takeover of the regional publisher.
Secure Trust Bank Commercial Finance has provided the seven-figure working capital facility to Rcapital Partners, which bought a 90pc stake in Archant in August.
Business news website The Business Desk reports the funding has been used to support the acquisition of Archant Community Media, the group’s trading company and employer of its staff, as well as fund the completion of a Company Voluntary Arrangement to restructure the firm’s pension scheme.
According to The Business Desk, the £5m flexible facility was “essential in supporting the acquisition by Rcapital and the resultant restructuring and capital injection”.
Matt Broomfield, regional sales director at Secure Trust Bank Commercial Finance, said: “Having worked with the team at Rcapital for a number of years, we used our strong relationships to support this deal.
“Archant has a fantastic heritage and management team behind it and has shown enormous resilience in the face of recent financial uncertainty.
“The flexible funding facility we have provided will enable Archant to strengthen its finances and help Rcapital achieve its growth plans.”
Chris Campbell, pictured, partner at Rcapital, added: “We are extremely proud to have worked closely with Archant’s management team, Secure Trust Bank and KPMG to put forward a plan that will restructure finances and inject fresh capital into one of Britain’s oldest local newspaper brands.
“The history and heritage behind Archant is very impressive and we look forward to continuing to work closely with the management team to strengthen the business in the coming years.”