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Perth firm seeks loan

Health care firm in ‘coming of age’ fund deal

DuradiamondA Scottish occupational healthcare company is raising £2.3 million in what claims to be a record for a crowdlending firm.

Angus Dent, chief executive of lender ArchOver, said the two-part loan for Perth-based Duradiamond represented a ‘coming of age’ story for the sector.

“What really matters is that this exceptional Scottish company receives all the support it needs and deserves.

“It would be a tragedy if its growth potential was restricted by lack of appropriate finance. This is a golden opportunity for lenders, both North and South of the border, to get behind this project and, at the same time, earn a good return on their money.

“On another level, not only will this represent a record loan for ArchOver, we also believe it will be the largest non-property related working capital loan in the crowdlending sector anywhere in the world. It is a ‘coming of age’ story where we can demonstrate our flexibility and capacity to provide facilities that are beyond the reach of the banks.”

As a result of the four new contracts, Duradiamond is expecting its turnover to rise to £14m this year, an increase of 19% over 2015, and to £17m and 21m in 2017 and 2018 respectively.

Founded and run by medical professionals since its inception in 2002, the company counts among its customers Jaguar Land Rover, BMW UK, EDF Energy, Cross Rail, BA and Heathrow and Luton airports.

The deal was arranged by Neil Davidson, founder and managing director of Edinburgh-based Alderburn Finance Solutions.

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