This news has also featured in Global Legal Chronical UK.
Law firm BDB Pitmans has acted for the management shareholders of specialist lender Tuscan Capital (Holdings) Ltd on its sale to Allica Bank.
Founded in 2018 by CEO Colin Sanders and CFO Ed Parsons, Tuscan Capital provides short-term bridging lending to the UK property sector.
Allica Bank, which has lent over £2bn to established businesses since its launch in March 2020, plans to become a leading player in the bridging finance market.
The BDB Pitmans team advising management was led by partner Philip Lamb, supported by legal director Mireille Dagger, solicitor Gemma L’Esperance and Liban Mohammed. Partner Philip Alfandary provided tax advice.
Philip Lamb said:
'This acquisition will give the Tuscan team access to the bank’s funding base and distribution network, with Allica using the lender’s bridging expertise and broker network. The synergies between the two businesses are strong and it was terrific to guide the Tuscan management team and shareholders through this deal.'
Commenting on the acquisition, Colin Sanders, CEO, Tuscan Capital said:
'Ed and I set up Tuscan with a vision to transform what we saw as a broken bridging market, with a specific focus on bringing back speed and decisiveness to the decision-making process. Allica’s no-nonsense approach to banking shows they share this vision with us. This is a positive development for the Tuscan team, our intermediary partners, and the wider SME community, and we look forward to the proposition enhancements that will undoubtedly follow today's news. 'I am grateful to Philip and the team at BDB Pitmans. We share the same ethos and their insight, advice and guidance were critical in getting this deal done.'
Foot Anstey acted for Quilam Capital Investments LLP, the private equity investor in Tuscan Capital (Holdings) Ltd. Allica Bank Limited was represented by Fox Williams.
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