Providing debt to a business that is just eight months old is not the norm. Tim Johnston explains how Oxygen jumped the queue.
What was the deal?
In February 2016, we provided an £8m loan as part of a £10m debt and equity fundraising by Oxygen Freejumping. £2m equity was raised at the same time, primarily from the original shareholders. Oxygen ran two trampoline parks, in Acton and Southampton. The funds will be used to roll out new sites; at least 15 are planned over the following two years.
What were the timescales?
The company began looking for further finance last autumn. We were introduced to Oxygen in October last year. We agreed terms, and completed due diligence before Christmas. Then we completed the legal process, which was linked to and ran alongside the equity fundraising, early in 2016.
Who were the advisers?
Zeus Capital advised on the equity fundraising, Rise Partners on the debt. On the legal side we used Gateley, and Oxygen used DAC Beachcroft.
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