Travers Smith LLP has advised TruFin plc, the holding company for an operating group of companies that are niche lenders and early payment providers, on the £44.5 million sale of its interest in Zopa Group Limited and the demerger of Distribution Finance Capital Limited to Distribution Finance Capital Holdings plc.
Travers Smith LLP also advised Distribution Finance Capital Holdings plc on the admission of its shares to trading on AIM. The IPO has given Distribution Finance Capital Holdings plc a market capitalisation of £96 million.
Since the IPO of TruFin in February 2018 which Travers Smith acted on, TruFin's main business in the supply chain finance sector, Distribution Finance Capital, has continued to successfully grow its balance sheet and TruFin believes that the demerger will maximise the opportunity for Distribution Finance Capital to obtain a bank licence.
The Travers Smith team, which advised TruFin plc and Distribution Finance Capital Holdings plc, was led by Corporate Finance Partner Adrian West, who was supported by Corporate Senior Associate Tom Coulter and Corporate Associate Rob Ash. The team also included Tax Partner Madeline Gowlett, assisted by Tax Senior Associate Sivanti Devakumar, Head of Incentives and Remuneration Mahesh Varia, assisted by Senior Counsel Elissavet Grout and Senior Associate Kevin Donegan, and Head of Financial Services & Markets Tim Lewis, and Associate Sam Brewer.
Macquarie Capital (Europe) Limited acted as Nominated Adviser and Broker, and was advised by Stephenson Harwood LLP.