Publishing company Raconteur secures funding for buy-out
ABN AMRO Commercial Finance has enabled the publishing company Raconteur Media Limited to secure the refinancing facility of £750k that it needed for a management buy-out by Managing Director Freddie Ossberg.
The funding package consists of £550k Invoice Discounting facility and a £200k Enterprise Finance Guarantee loan and it means the publisher can expand into multi-platform publishing, as well as continue its programme of international growth.
Ossberg founded Raconteur in 2008 with Henrik Kanekrans and the company specialises in publishing high-end business and political supplements in The Times and The Sunday Times. The funding will help the company to increase output by 25% over the next two years.
Ossberg believes that the business has huge potential, especially as the publishing industry is evolving at such a fast pace. “I needed the right funding to help pursue my vision for the business and support significant growth.”
“I looked at every type of funding option including venture capital and private equity and found that for a management buy-out, Asset Based Lending and invoice financing was my best option. When I discussed my requirements with ABN AMRO Commercial Finance, they showed a great deal of interest and the flexibility I need to help me meet my ambitions for Raconteur.”
Rick Owens, Regional Director at ABN AMRO Commercial Finance is pleased with the funding package. “Media companies aren’t the biggest users of invoice finance, so it’s great to be able to support an innovative and successful media brand like Raconteur, he says. “The funding will provide the financial footing and confidence the business needs to achieve its ambitious goals.”
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