LONDON (Alliance News) - Better Capital PCC Ltd Wednesday said it has been informed that BECAP Fund LP has provided further funding to the holding company of Spicers Ltd, one of Better Capital's portfolio companies.
In a statement, Better Capital PCC said that BECAP Fund LP, which it calls the 2009 fund, is committing a further GBP5.0 million to BECAP Spicers (UK) Ltd to fund continuing initiatives and the working capital requirements of the office products distribution business.
To meet this commitment, GBP2.5 million was provided to the 2009 fund by BECAP12 GP LP.
"This further funding into Spicers coincides with Lloyds Bank Commercial Finance extending its facilities to May 31, 2016," Better Capital said in a statement.
"The total cost attributed to the investment in Spicers by the 2009 fund now stands at GBP9.4 million, having already repaid GBP30 million of the original investment," Better Capital said.
Better Capital PCC is a Guernsey limited-liability protected cell company that aims to generate attractive total returns for its shareholders in Better Capital 2009 Cell and Better Capital 2012 Cell by investing in two funds which will invest in portfolios of distressed businesses.
The Better Capital Funds seek to invest in portfolios of businesses which have significant operating issues and may have associated financial distress, with a primary focus on businesses which have significant activities within the United Kingdom or Ireland.
Better Capital PCC shares were Wednesday untraded at 110.50 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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