Credit Reporting Agency (Holdings) Limited, the Cornish-based holding company of several international credit reporting websites has secured MBO and growth funding from Santander, to assist with it plans for further international expansion and to enable the transfer of full ownership to the management team.
Checkmyfile.com, launched in 2000 and the principal business within the group, was the first company in the UK and Australia to give consumers online access to credit reports and the first internationally to put credit scores online. The group operates websites across ten countries including the USA, Canada, South Africa and China.
Santander’s funding package incorporated a growth capital loan, with this cash injection being used to accelerate the international growth strategy of the group. In addition the transaction enabled the transfer of full ownership of the group to the management team.
Barry Stamp, Managing Director, says, “We were delighted to secure the support and funding from Santander and have no doubt it will enable the continued growth of the group.”
Peter Abel, Director at Santander, says, “Credit Reporting is an established and successful B2C services business, which is an excellent fit for Growth Capital. We are pleased to be supporting the management team as they grow the group’s impressive customer base and develop new channels and services.”
Isca Ventures acted as lead corporate finance advisors within the transaction, with legal and taxation support provided by Michelmores. PWC undertook the financial due diligence and Foot Anstey provided legal support to the bank.
Mark Champion, Partner at Isca Ventures, adds, “We were delighted to act as the lead adviser to the management team and have every confidence this transaction will enable the continued growth of the group, both in the UK and overseas.”