London-based movie and TV lending platform Allegro Finance has secured a £2 million ($2.6 million) working capital facility from Beechbrook Capital, utilizing funds managed on behalf of the British Enterprise Financial institution.
The announcement of this facility follows Allegro Finance’s official launch final week of a $500 million credit score facility devoted to movie and tv manufacturing, with entities suggested by Elliott Advisors UK Restricted.
Allegro was launched in 2024 by Jamie Lowe, Peter Touche and Sam Collett, veterans of movie and tv financing, structured credit score and funding banking.
“This working capital facility is a robust catalyst for Allegro’s progress and we’re grateful for the assist of Beechbrook and the funds they handle on behalf of the British Enterprise Financial institution,” Collett stated.
“This enables us to scale the platform and deploy personal institutional capital into the UK movie and TV sector at a degree by no means seen earlier than. That is exactly how public capital can unlock personal funding, assist high-growth companies and strengthen one of many UK’s most globally aggressive industries.”
Allegro’s financing line will probably be deployed throughout a various worldwide vary of movie and tv productions, in step with Allegro’s ambition to change into the main non-bank senior lender to the worldwide movie industries.
Paul Shea, managing associate of Beechbrook Capital, which focuses on lending to small and medium-sized companies, stated the seed funding was match for funds the agency manages on behalf of the British Enterprise Financial institution.
“All our funds purpose to assist progress and job creation, and this funding is not any completely different. The UK’s artistic industries are a significant a part of the economic system, using a whole bunch of hundreds of individuals and producing important cultural and financial worth,” Shea stated.
Adam Kelly, Managing Director and Co-Head of Funds on the British Enterprise Financial institution, highlighted that the artistic industries are a key a part of the UK’s industrial technique.
“The UK’s artistic industries play a significant function within the Authorities’s industrial technique, using 2.4 million individuals and contributing £124 billion of gross worth added to the economic system. By offering finance to Beechbrook Capital and in flip supporting specialist platforms like Allegro Finance, we’re serving to companies entry the finance they should begin, develop and keep within the UK,” he stated.