Manchester’s 247 Money in £305m securitisation deal

247 Group co-founders, brothers Reg Rix and Louis Rix

Manchester-based 247 Money has announced the completion of the company’s first private securitisation with a facility of up to £305 million, with senior funding from NatWest and mezzanine funding from East Lodge Capital.

“The facility will help support a strong pipeline of auto finance originations enabling more consumers to access finance,” said 247 Money.

“The arrangement provides 247 Money with total available commitments over the life of the securitisation of up to £305m with senior funding from NatWest and mezzanine funding from East Lodge Capital.”

247 Group CEO Reg Rix said: “As a group we continue to go from strength to strength serving customers efficiently through increasingly digital channels, our data-driven ecosystem, and the wider marketplace to provide first class car financing solutions.

“We are committed to driving innovation within the industry precipitating from our consumer-centric, digital first approach, and this securitisation propels 247 Money into a new league; availing us in the delivery of more options to more consumers.

“This has been a great effort by the team and our continued thanks goes to NatWest for their support over the years.”

247 Money is a part of the 247 Group, which includes CarFinance 247 and employs about 450 people.

247 Group chief financial officer David Miller said: “Consumer demand for finance has been strong as the UK emerges from the pandemic and this securitisation is a significant step-change for the business.

“As a group we have a long-standing relationship with NatWest and we also welcome the funding support of East Lodge Capital, the dedicated resources of EY’s Corporate Finance Team, and Ashurst LLP’s support as legal counsel.”